Latest news with #FOS
Scotsman
a day ago
- Business
- Scotsman
Your rights when things go wrong
Natalie Holt | Supplied Natalie Holt of The Lang Cat on how to secure a compensatory pay-out for poor financial service Sign up to our Scotsman Money newsletter, covering all you need to know to help manage your money. Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... As much as we'd like things to go smoothly all the time, sometimes things go wrong. This goes for all walks of life and is just as true in the world of finance. In some cases, this can be down to genuine human error. Maybe an email gets lost, or a callback request goes unanswered. Advertisement Hide Ad Advertisement Hide Ad However, there will be times when poor service, delays or being sold an unsuitable product are too serious to be brushed off. But, if you want to make a formal financial complaint, how do you go about it? First, complain to the organisation involved. Whether it's your bank, insurer, pension firm or financial adviser, they should have a process for sorting out complaints. You should hear from them with a final response to your complaint within eight weeks. If you're unhappy with their reply or you don't hear from them in time, you can take your complaint to the Financial Ombudsman Service (FOS). The FOS will then investigate your case. If they decide the complainee has acted unfairly and you've lost out financially or suffered distress or inconvenience, they may award compensation. The maximum possible payout is £445,000 for complaints brought after 1 April this year, covering the previous six years. Advertisement Hide Ad Advertisement Hide Ad This is a free service for consumers. You can pay someone to manage your complaint, such as a law firm or claims management company, but this is not necessary. Third parties can take up to 30 per cent of any pay-out in fees, so it's worth doing this yourself if you can. You are also protected if the company you bought your product or service from has gone out of business. All authorised and regulated financial companies pay into a central pot via a levy system which is managed by the Financial Services Compensation Scheme. The amount of compensation depends on when the business failed and the kind of product involved. As a guide, the maximum compensation is up to £85,000 per person for banks or investments, or where the complainant has received poor pension advice. However, change is on the cards. Generally, the financial complaints system works as it should. But there are concerns the FOS is too much like a regulator rather than a rapid dispute resolution service. Advertisement Hide Ad Advertisement Hide Ad As a result, the UK Government wants to make sweeping changes to the way complaints are handled. These include: 1. A different test to see whether a company has acted fairly and reasonably. 2. A system to refer cases to the financial regulator the Financial Conduct Authority where complaints are unclear, or where the same issue has affected a large number of people. 3. Barring complaints about an incident that happened more than ten years ago. Advertisement Hide Ad Advertisement Hide Ad There are also separate plans to change the calculation for pay-outs to be less generous than the areat present.
Time Business News
7 days ago
- Automotive
- Time Business News
Understanding Car PCP claims:(A COMPREHENSIVE GUIDE)
In a world of automotive finances, PCP claims play a significant role in buying a new car. For many consumers, applying for PCP claims is a very complicated process but by understanding it deeply , individuals can reap the benefits of PCP claims. Personal Contract purchase (PCP) claims are becoming increasingly popular in the world of vehicle financing because of their flexibility and lower monthly installments. As more customers opt for PCP claims , understanding this complicated process of claiming may be daunting, here's a complete step by step guide to it . Let's delve into the world of PCP claiming to provide all the information you must know before applying for it and tips and advice regarding article explores what PCP claims are, the reasons behind them, and the process for UK citizens to seek compensation. What is a PCP Claim? It is basically a vehicle financing option enabling you to drive a new car by only paying a fraction of monthly installments. At the end of the agreement, you have several options which include either paying a full balloon payment and owning the car at the end of the agreement, returning the car or trading it with the new car. Unlike other financial aid loans , PCP is beneficial because of its lower monthly payments, making it an attractive choice for potential customers. At the start of the contract the customer pays for almost 10% of the car's value, the rest of the payment is divided into different installments for about 24-48 months. However the key feature of PCP is the balloon payment at the end of agreement which generally represents Vehicle Guaranteed Future Value( GFV). Why PCP CLAIMS? These claims arise when the consumers feel that they were mis-sold the agreement. ● False information: Customers may be misled about their agreements including total costs, interest rates and final balloon payments. ● Excess Mileage limitations: There is always mileage limitation of driving the vehicle, exceeding these limits will definitely result in significant charges. ● Fair wear and tear: At the end of the agreement, the vehicle is expected to be in a condition deemed by the finance company. Disputes often arise over what constitutes fair wear and tear. How to determine if you have a claim: If you believe that your PCP agreement was mis-sold by finance providers, consider the following steps: ● Review your agreement: Understand your contract for clarity of balloon payments or other conditions. ● Contact your finance provider: Reach out your finance provider for clarification purposes. ● Seek legal advice: If you are still unsatisfied then seek legal assistance by hiring legal experts in PCP. ● Consider Escalation: If the problem remains unsolved then consider Financial Ombudsman Service (FOS) for an independent review. Can you make a claim? Yes you can surely claim if you entered into PCP agreement for either new or used vehicles between April 2007 to January 2021, then you may be eligible for the claim compensation. This includes both active and completed agreements. Step-by-step guide for making PCP claims: Applying for a PCP claim may be a daunting process but it's easier than you think. The step to step approach towards it is mentioned under: Review the agreement carefully: Make sure you understand all the conditions mentioned in the agreement, paying attention to all the details regarding mileage limitation, final balloon payment, and monthly installments. Gathering documents: Collect all the relevant documents including correspondence with the dealer or finance company or any other documents that influenced your decision. Contact the dealer: Before taking a legal action and applying for a claim it is advisable to contact your finance company. They may offer a satisfactory revolution. Seek legal advice: If the issue remains the same consult legal advice from solicitor or consumer rights organization experienced in PCP claims. File a complaint: If the issue remains unsolved consult the Financial Ombudsman Service to escalate the claim for further investigation. Common mistakes to avoid: While making PCP claims it's essential to avoid the following mistakes so that you can boost up your success rate. Here are some key mistakes that are so common that most of the customers make and you must avoid them. Not reading agreement carefully: Make sure you carefully read and understand all the terms and conditions mentioned in the agreement before signing it. Not gathering evidence: Gather sufficient evidence that will support your claims. Not seeking professional advice: Before making a claim seek professional advice from solicitors or other legal experts of Pcp claim. Potential outcomes: The potential outcome will depend on the specific circumstance of your claim. You may be entitled to compensation , a refund or other form of redress. What to expect? The average payout for mis-sold PCP agreements are substantial. However the individual could reclaim around £5318.25 on average. The specific amount will be depending on various factors like the vehicle's value and how much the dealer inflated the interest rate. Advantages of PCP Claims: PCP claims can offer several benefits to consumers, including: Compensation: PCP Claims can result in significant financial compensation, helping consumers recoup losses incurred due to miss-sold or faulty agreements. 2. Cancellation of Agreement: In some cases, PCP claims may lead to the cancellation of the agreement, freeing consumers from burdensome contracts. 3. Reduced Balloon Payment: Successful claims may result in a reduction of the balloon payment, making it more manageable for consumers to own the vehicle outright. 4. Improved Consumer Protection: PCP claims can help raise awareness about the importance of transparent and fair financing practices, promoting better consumer protection. Disadvantages of PCP Claims: While PCP can offer several benefits, there are also some potential drawbacks to consider: 1 Complexity: The PCP claims process can be complex and time-consuming, requiring significant documentation and negotiation. 2. Fees: Claims management companies or solicitors may charge fees for their services, which can be costly. 3. Uncertainty: There is no guarantee of success in PCP Claims, and consumers may face rejection or lengthy disputes. 4. Time-consuming : The claims process can take several months or even years to resolve, which can be frustrating for consumers. Future of PCP CLAIMS in UK: As consumers are becoming increasingly aware of their rights, the number of claims are expected to rise. These claims provide opportunities to the individuals who want to drive new cars after every few years without paying together in fair monthly installments . But it comes with the mileage limitations limiting the long distance drivers. Conclusion: Understanding completely the PCP claims is very crucial in today's automotive financing landscape. If you believe you have been mis-sold car finance , you can claim to review your contract and seek legal advice. Legal assist will provide you with all the details you require for applying for a claim and to ensure you have a smooth claiming journey and get relevant compensation for it. TIME BUSINESS NEWS
Time of India
19-07-2025
- Health
- Time of India
Over 5,000 snakes rescued in six months across Telangana
Hyderabad: Friends of Snakes Society (FOSS), in collaboration with the Telangana forest department, rescued 5,954 snakes across Telangana between Jan 1 and June 30 this year. Of these, 3,337 were venomous and 2,617 non-venomous, with all safely relocated to forest habitats after identification. The majority of venomous snakes rescued were Spectacled Cobras (2,970), followed by Russell's Vipers (344) and Common Kraits (23). Non-venomous species included Indian Rat Snakes, Checkered Keelbacks, Bronzeback Tree Snakes, Indian Rock Pythons, Red Sand Boas, and Barred Wolf Snakes. The organisation, which marked its 30th anniversary on June 30, also conducted over 200 awareness sessions in schools, colleges, forest and police academies, and rural areas during the same period. The workshops reached over 40,000 people, focusing on snake ecology, encounter safety, first aid for snake bites, and debunking myths. You Can Also Check: Hyderabad AQI | Weather in Hyderabad | Bank Holidays in Hyderabad | Public Holidays in Hyderabad To mark three decades of operations and in the run-up to World Snake Day on July 16, FOS announced 'Snakebite Mitigation Initiative', aimed at curbing snakebite deaths in Telangana and Andhra Pradesh by 2030. As part of the initiative, FOS will launch a new public website, on July 16. The platform will offer a 24/7 snake identification cell, first-aid protocols, a venomous snake distribution map, and a hospital locator for bite victims. 'Snakebite is a preventable public health issue. Through this initiative, we hope to bridge the information gap and save lives,' said Avinash Visvanathan, general secretary, Friends of Snakes Society.
The Hindu
16-07-2025
- Health
- The Hindu
Friends of Snakes Society completes 30 years rescuing reptiles in Telangana and Andhra Pradesh
Hyderabad-based Friends of Snakes Society (FOS), whose members are actively involved in rescuing snakes in Telangana and Andhra Pradesh, completed 30 years on June 30. To commemorate the anniversary and in the lead-up to World Snake Day (July 16), it would launch a Snakebite Mitigation initiative to reduce snake bite deaths in the two Telugu States by half by 2030. A key component of the initiative is a dedicated website, which would be launched in a few days. It would feature information on a hospital locator tool for snake bite treatment; first aid protocols for snakebites; a 24/7 snake identification cell where people can submit photos online and region-specific information on venomous snake species and venomous snakes distribution map. 'In addition to the digital platform, FOS will conduct snake bite mitigation and management workshops at various levels, targeting local health workers, school teachers, panchayat leaders, and forest personnel,' said Avinash Visvanathan, general secretary of the Society. The focus will be on areas where incidence of snake bites is high. Mr. Avinash said that they would reach out to people in rural areas, communities and healthcare workers in Primary Health Centres in such regions.
The Hindu
16-07-2025
- General
- The Hindu
56% of snakes rescued in Telangana so far are venomous
A total of 5,954 snakes were rescued across Telangana between January 1 and June 30, 2025, by Friends of Snakes Society (FOS) in coordination with the Telangana Forest Department. Of them, 56% (3,337) of them were venomous and the rest were non-Venoumous, which were relocated to suitable forest habitats. 'Majority of the rescues happen in Hyderabad and surrounding districts of Medchal-Malkajgiri, Rangareddy, Medak, and Hyderabad,' said Avinash Visvanathan, FOS's general secretary. Among venomous species, the Spectacled Cobra accounted for the majority of cases, with 2,970, followed by 344 Russell's Vipers and 23 Common Kraits. Non-venomous rescues included commonly encountered species such as the Indian Rat Snake, Checkered Keelback, and Bronzeback Tree Snake, along with rarer species like the Indian Rock Python, Red Sand Boa, and Barred Wolf Snake. Besides the rescue work, FoS conducted over 200 snake awareness workshops, reaching over 40,000 individuals at schools, colleges, police and forest academies, public institutions, and rural communities. The focus was on the ecological importance of snakes, safe practices during snake encounters, first aid for snakebites, and debunking prevalent myths. The society's 24/7 helpline number is 8374233366.
