This is some text prior to the author information. You can change this text from the admin section of WP-Gravatar To change this standard text, you have to enter some information about your self in the Dashboard -> Users -> Your Profile box. Read more from this authorThe Financial Ombudsman Service (FOS) is looking for a grass, a snitch, insider info to help it’s case against the Payment Protection Insurance (PPI) Companies.
To find the information they need, the FOS has gone straight the middle men, the brokers of the industry who sell on insurance to customers. They’ve been asked to supply confidential details of distribution agreements they had with insurance providers during the years that protection providers were regulated.
As is expected and despite the fact that more people apply to reclaim PPI payments every day, loan and mortgage brokers are reluctant to blow the whistle on their suppliers. They argue that this could lead to them losing their deal with the lender and restricting them further in an already limited marketplace.
Emma Parker, spokeswoman for FOS, said:
“We are asking for standard things around the commercial agreements that firms had at the time and always try to ensure that we have all the relevant, accurate information”.
As always, where there’s money involved (or a loss of it) there’s going to be a lot of arguing and indecision around the table. But hopefully, the brokers will see that their customers are the UK public, not the lenders.
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