PPI Complaints Remain at Historically High LevelAug 28, 2017
The Financial Ombudsman Service (FOS) announced this week that the number of payment protection insurance (PPI) claims coming into its office remained at a “significant level.”
Although complaints have fallen from last year’s highs of 12,000 per week, they remain at a historically high level.
Dealing with mass mis-selling of PPI is still a major part of the ombudsman’s workload at the FOS, with one in seven cases being that of payment protection insurance complaints. This is now likely to rise as a result of financial firms being ordered to reopen 2.5 million complaints for customers who were unfairly rejected or underpaid in compensation.
The FOS was set up by parliament to sort out individual complaints that consumers and financial businesses aren't able to resolve themselves.
As it currently stands around 5,000 people a week are seeking advice from the ombudsman regarding their PPI complaint.
FCA chief executive Martin Wheatley said:
"Making sure anybody previously mis-sold PPI is treated fairly now, and paid redress where it's due, is an important step in rebuilding trust in financial institutions."
"In around two and a half million complaints this was not necessarily the case so, at our request, firms will be looking at these complaints again."
So far £16 billion has been paid out in compensation by banks and the financial services industry to customers mis-sold payment protection insurance.
We Fight Any Claim have successfully reclaimed over £100 million for thousands of customers since 2010 and continue to fight on behalf of those mis-sold PPI.
Initially payment protection insurance was designed to protect customers should they fall behind with repayments due to various circumstances. Sadly this product was mis-sold to millions of people across the UK.
If you feel you may have been mis-sold payment protection insurance, take a look at our frequently asked questions or alternatively call one of our advisors who will be happy to help with any queries; 0844 856 9000.