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FOS releases PPI claims data

The Financial Ombudsman Service (FOS) received 85,562 new PPI claims during the first six months of 2012.

This compares with the 49,419 received during the first half of 2011 and represented 63 per cent of all the new complaints the organisation dealt with.

Furthermore, 71 per cent of all new PPI complaints the FOS received over this timeframe came from five banking groups.

Currently, the ombudsman is dealing with an average of around 1,500 new claims for PPI refunds daily and is receiving 3,000 calls on the subject every day.

Overall, the number of new complaints made about financial industries hit 135,170 during the first half of the year, which is a rise of 27 per cent against the previous six months.

"People parting with their money need to be sure they are being sold a product for the right reasons, rather than just because it makes a lot of money for those selling it," managing director of the Financial Services Authority Martin Wheatley recently said.

Jennifer Haines
Jennifer's speciality knowledge is credit card changes and balance transfers.ADNFCR-2776-ID-801446488-ADNFCR

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