Banks and financial institutions are advised to ensure consumer rights are properly respected in all cases. However, if banks misadvise on a PPI policy, the consumer has the right to forward their complaint to the Financial Ombudsman Service and even the Financial Conduct Authority for proper rectification of the issue.
When your bank misadvises, consumers could ask the bank for a re-evaluation. If the bank refuses, the Financial Ombudsman can evaluate the complaint and re-forward the complaint against the bank. Most of the time, bank decisions are reversed, likely due to the mismanagement of banks regarding the complaints.
Banks since the beginning of the scandal have always either redressed the complaint without proper evaluation or would reject it outright without proper evaluation. Consumer groups have long complained of banks refusing to invest in proper resource and resource development to facilitate the evaluation of mis-sold PPI claims effectively.
The Financial Ombudsman is likely to return an investigation result by eight weeks, the same span of time that banks should release their own investigation results. The decision of the Financial Ombudsman is final and both parties are to accept its evaluation of the situation, which means consumers must provide all proper evidences that prove they deserve the refund and compensation indicated.