Do you trust your bank?
There was a time when your local bank manager was a respected member of the community and was trusted by everyone. Has this reputation now been tarnished beyond repair and can you trust your bank manager (if you actually have one or actually know who they are) or even your bank anymore?
It seems that banks and financial companies are being fined more and more often by the regulators, the Financial Services Authority (FSA), and each fine seems to be getting bigger and bigger. So can we really trust them anymore and do the things they are doing wrong really affect our everyday lives?
In short the answer is yes, the things the banks do do affect our everyday lives and they do affect the money we have in our pockets. For years the banks have been charging people for going over the overdraft limits, even when in many situations it was these very charges that was making people go over their overdraft limits. Then came the mis-selling of Payment Protection Insurance (PPI), which was mis-sold to millions of people and has meant the banks putting billions of pounds to one side to cover the refunds due to people. Now the banks have been found to have been mis-selling loan insurance to businesses and have put even more money to one side to compensate the businesses that have been affected. So what could be possibly be next? What did come was even more amazing than anyone could have ever predicted, one of the major banks has been found to have been fixing interest rates on the amounts they borrow and lend to make their own profits higher. It is highly expected that this bank was not alone in this action and it will probably be found that many, if not all, of the other banks were involved in fixing interest rates and making even more profit when they should not have been.
If you want to make a complaint against the possible mis-selling of a financial product against your bank, you can of course go to them directly and ask them to investigate the sale and if you are not satisfied with the response you can ultimately go to the Financial Ombudsman Service. But can you really trust your bank anymore? Do you really believe they are going to deal with your complaint honestly and fairly? and most importantly, are you going to get the refund you are due?
If you go to your bank you will be dealing with a highly sophisticated financial company who deal with complaints all day every day and know the financial regulations very well (they don’t always follow them correctly, but they know them). You, as a lay person, probably wont have a great deal of knowledge of the financial regulations and probably wont know which regulations cover the sale of which product (there are different regulations covering pensions, bank accounts, PPI and even mortgages – all of which the banks sell), so you are putting your sole trust in a company that mis-sold you the product in the first place to now put things right.
REMEMBER – the banks, that mis-sold millions of PPI policies, and are now telling everyone how helpful they will be with dealing with PPI complaints and that the process is really simple, but these are the companies that took their own regulators, the FSA, to court to try and stop any and all PPI complaints from being made!
But even if you take the matter to the Financial Ombudsman Service (FOS) will you get the help you need? The FOS are independent of both the consumers and financial companies and were setup by government to make decisions about complaints involving financial services and products. The important thing to remember is that the FOS are independent of BOTH the consumer and financial companies – THEY ARE NOT ON THE SIDE OF THE CONSUMER. If your bank or loan company makes an offer that is not in-line with the financial regulations, although the FOS will tell you it is not in-line with the regulations they will not tell you what is wrong and most importantly will not tell you what you are entitled to.
Claim 2 Gain are NOT independent. We are on your side and we will fight your claim all the way and will ALWAYS make sure you get the full refund you are entitled to.
Here are just a few examples of how we have helped our clients get the FULL REFUND they are due:
Natwest offered £750 to settle a PPI complaint – we got a full refund of £17,414 for our client.
Freedom Finance offered £1,000 to settle a PPI complaint – we got a full refund of £21,895 for our client.
Lloyds offered £1,018 to settle a PPI complaint – we got a full refund of £7,278 for our client.
MBNA rejected a complaint and offered no refund – we got a full refund of £17,228 for our client.
Barclays rejected a complaint and offered no refund – we got a full refund of £14,917 for our client.
HSBC said there was never any PPI attached – we got a full refund of £7,176 for our client.