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Volume of PPI cases 'will increase for three years'

The number of payment protection insurance (PPI) complaints is going to rise for at least three years, it has been said.

Charter UK chief executive officer Paul Clark said financial services organisations no longer think the PPI misselling scandal is a "short-term 'business as usual' problem" that they can use existing systems to deal with.

Instead, they ought to expect claims for PPI refunds to continue to demand "attention and resources" for a minimum of three more years, he argued.

More than £10 billion has been set aside by moneylenders to deal with the cost of this crisis, while 63 per cent of all complaints the Financial Ombudsman Service received during the first half of 2012 related to PPI.

On an average day over this timeframe, more than 1,500 PPI compensation cases were heard by the adjudication body.

"A more robust, strategic approach to PPI remediation is a critical necessity," Mr Clark said.

Amir Hussain
Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801455395-ADNFCR



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