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Ombudsman receives over 1,500 PPI claims daily

More than 1,500 new complaints about missold payment protection insurance (PPI) are being received by the Financial Ombudsman Service every day.

The public body reported in its newsletter Ombudsman News that in total, it has received more than 400,000 PPI complaints.

"Ever rising volumes of PPI complaints" are "currently arriving at double the forecast level" chief ombudsman and chief executive of the body Natalie Ceeney said.

The ombudsman revealed that when it receives a PPI claim, it first examines whether or not the company that provided the policy gave the customer fair, clear information that did not mislead them.

This enables the ombudsman to determine if the PPI policyholder made an "informed choice" about the transaction.

Furthermore, the public body then looks as to whether the lender took steps to ensure it was recommending a suitable policy to its clients when providing recommendations or advice.

Customers will be more likely to make a successful PPI claim if the lender did neither of these, the ombudsman revealed.

Amir Hussain
Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801430391-ADNFCR



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