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PPI claims surge among Yorkshire consumers

The number of claims being made against mis-sold payment protection insurance (PPI) grew sharply in Yorkshire in 2011.

According to the Financial Ombudsman Service, the number of PPI cases being handled across the county reached 9,178 in the 2010-11 financial year, which was up from just 3,965 in the previous 12 months, the Yorkshire Post reports.

This formed part of the overall 104,597 claims that were made to the Ombudsman during the year, as many Britons realised that they had been mis-sold the cover.

In many instances, banks and insurers were signing customers who had taken out a loan or credit card up to policies that they either did not need, or would have been unable to claim against if they did actually lose their job.

Which? has warned that such is the size of the backlog of cases being dealt with, many claimants may not receive their compensation until 2014.

The Financial Services Authority has stated that bankers' bonuses should be scaled down to reflect the losses accrued through PPI payouts.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801272750-ADNFCR



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