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Flood of PPI claims lead to long wait for cash, says FOS

Due to the flood of claims for mis-sold payment protection insurance (PPI) to the Financial Ombudsman Service (FOS), Brits can expect a long wait for their cash to come in.

According to This is Money, the FOS expects the number of claims to double in the next year, which means claimants could be waiting for up to a year, when normally the period is between three and six months.

It is expected that there will be double the 165,000 claims in the 2012-13 period, which is double the number estimated at the beginning of the year.

The deluge of claims has meant that the FOS has had to increase its staff levels by 25 per cent just to be able to process the claims.

Banks have to not only pay compensation for the mis-sold premiums but also must pay for FOS staff to process the claims and case fees.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801497308-ADNFCR



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