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Ombudsman warns firms for turning away genuine mis-selling cases

On May 31st 2009, The Sunday Times reported that consumers are being denied compensation over mis-sold financial products because they are being fobbed off by high-street banks — and the City regulator is failing to help them, a damning report revealed last week.

The Financial Ombudsman Service (FOS) called for the law to be changed to allow lawsuits to help customers get redress, as its annual report revealed that nearly 60% of complaints were going in favour of consumers, compared with a normal level of 30% to 40%.

The consumer must complain to their bank before their case can be taken to the FOS, so the figures suggest firms are turning down genuine claims — and the Financial Services Authority (FSA) is failing to act.
 
The House of Lords economic affairs committee will suggest that the FSA focuses “more directly” on consumers this week.

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