FOS

'Fresh Concerns' Over Staff Targets 

Aug 28, 2017

Most lenders in the UK claim to have abolished sales targets amid mis-selling scandals, including for payment protection insurance (PPI). However, the Financial Times has reported today that staff may still be under pressure to meet specific targets. The article reads: Lloyds staff ...

PPI Dominates FOS Workload-Latest Figures 

Aug 28, 2017

Payment protection insurance (PPI) has once again been propelled into the limelight. A recent focus on the imposing deadline for new compensation claims, and the consequential additions to the provisions fund, have meant that there is currently widespread coverage of PPI within the media. It is...

Additional Funds Set Aside for PPI Claims 

Aug 28, 2017

  As Britain’s big banks are releasing their third-quarter results, Sky News has reported that additional funds in the region of £2 billion are expected be set aside to cover more mis-sold Payment Protection Insurance (PPI) claims, ahead of a proposed deadline a...

Dramatic Increase in Packaged Bank Account Complaints 

Aug 28, 2017

The Financial Ombudsman Service (FOS) has reported that complaints about credit brokers and packaged current accounts are increasing. Figures show that there has been a dramatic increase of almost 10,000 enquiries within both areas in comparison to last year figures. The increase in enquires to th...

Banks will be paying out PPI for years to come 

Aug 28, 2017

Payment Protection Insurance claims are set to continue for several years yet, according to the latest budget and planning report released by the Financial Ombudsman Service (FOS). Banks are set to continue paying out compensation to customers as the claims continue to stream in to the FO...

PPI Complaints Remain at Historically High Level 

Aug 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 histor...

Banks Push for PPI Deadline 

Aug 28, 2017

With Lloyds Banking Group this month announcing they are to put aside additional PPI provisions, it seems that the PPI scandal is set to stick around for some time yet. However, despite the total PPI bill across all banks reaching £20 billion, there are rumours surrounding a revived proposal ...

Ombudsman Warns of Complaints Backlog 

Aug 28, 2017

The Financial Ombudsman Service (FOS) has warned that it could take in excess of 18 months to resolve the thousands of PPI complaints submitted by disgruntled consumers across the UK. According to the FOS, 400,000 complaints regarding Payment Protection Insurance (PPI) remain unresolved, ...