Putting Consumers First is at the heart of the Professional Financial Claims Association’s objectives. Members undertake to work to the highest ethical and professional standards when dealing with Consumers, financial institutions and other parties associated with the process of Financial Dispute Resolution Management. The ethics and principles which support this are set out in the PFCA Code of Practice.
Access to Justice
Financial Claims for mis-sold products continue to make headline news. Consumers and businesses have been victims of poor or inappropriate practices within the banking and wider financial services sector. They must have ‘Access to Justice’.
The PFCA strives to offer representation on behalf of its members, a ‘voice’ to bridge the gap between the consumer, financial industry and regulators, “creating a platform for quality debate” through which its members communicate. Collaboration and communication with the Claims Management Regulator, Financial Ombudsman Service, and all other bodies associated with financial services regulation and the Financial Dispute Resolution Management process is essential in achieving this goal.
Financial Claims – The ‘complaint handling process’
The PFCA continues its work within the financial claims management sector to continue to constantly improve and bring change to the ‘claims handling process’ in particular for PPI claims. It is done by working closely and collaborating with regulators and other bodies. This change when achieved is for the benefit all parties within the process.
The Financial Ombudsman Service
Referrals of financial complaints to the Financial Ombudsman Service [FOS] continue to remain at unacceptably high levels also with high uphold rates in favour of consumers. The PFCA 5 year analysis of FOS PPI data, which represents over 50% of all complaints made to the FOS, shows there has been only a small reduction in upheld claims against banks and other financial firms during this period. This results in long and unnecessary delays in achieving satisfactory consumer outcomes. This issue will be in the ‘SPOTLIGHT’ as it is addressed using evidence and substantial data from PFCA members.
