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PPI payouts should be made 'without a claim'

British consumers who have been a victim of the PPI mis-selling scandal should be able to receive a payout without having to file a claim, according to the Financial Ombudsman.
Natalie Ceeney, the chief ombudsman, told MPs that because banks "dragged their feet" the clean-up operation grew and grew. She believes that if banks were forced into paying the compensation pro-actively, it would avoid scandals such as these in the future.

The Financial Ombudsman itself, which acts as a middle man in disputes between banks and customers, has had to double its staff count and budget in the last 12 months in order to deal with the fallout of the PPI scandal.

In 2011/12 its annual budget was £103 million, but this grew to £191 million in 2012/13. Half of the Financial Ombudsman's workload is accounted for by four financial services institutions, including around 5,000 cases per month from customers of Lloyds Banking Group.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801480052-ADNFCR



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