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PPI Claims: Ombudsman warns of 'confusion' over PPI-style products

PPI claims could be unnecessarily delayed because of confusion over the type of products customers have, the Financial Ombudsman Service (FOS) has warned.

In its March/April edition of Ombudsman News, the FOS highlighted the difference between "payment protection products" and "payment protection insurance", which was widely mis-sold by banks and other financial service companies.

While some of these products are legitimate, the FOS said it is increasingly receiving complaints about services that are not strictly PPI policies. These often have the same hallmarks of PPI cases, such as businesses not providing advice "with reasonable care and skill".

However, the FOS said "confusion" about the type of product a customer has can lead to delays.

It explained: "We also find that consumers are often confused about whether the product they have taken out is actually PPI – or some other form of 'payment protection product'.

"Understandably, consumers sometimes find it difficult to tell these products apart … This can lead to unnecessary confusion, delay and frustration on all sides."

As of 1st April, the Financial Services Authority (FSA), which previously had oversight for regulating sales of products such as PPI, was replaced with the Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA) and the Bank of England's Financial Policy Committee (FPC).

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail bankingADNFCR-2776-ID-801565562-ADNFCR

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