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Ombudsman is dealing with 'thousands' of PPI claims

The Financial Ombudsman Service (FOS) is dealing with hundreds and thousands of bank refunds, it has been revealed.

Chief ombudsman Natalie Ceeney told the Association of British Insurers' conduct regulation conference that the FOS is handling  disputes about "mortgage endowments, bank charges and payment protection insurance (PPI) - not to mention other systemic and large-scale problems".

So far, more than £10 billion has been earmarked for PPI refunds, with the average recipient receiving almost £3,000.

Ms Ceeney suggested that everyone who works in the financial services sector would currently agree that the behaviour of firms in the industry has fallen below the standards the public expects.

Brits are loudly demanding change in the sector, she suggested, pointing out a "litany of misselling scandals and fines" have taken place in the last 12 years.

Furthermore, many money lenders have been trying to prevent action being taken against them, the ombudsman remarked, arguing banks attempted to challenge the PPI guidance from the Financial Services Authority in the High Court around one year ago.

Jennifer Haines
Jennifer's speciality knowledge is credit card changes and balance transfers.ADNFCR-2776-ID-801452385-ADNFCR

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