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PPI Refunds: Financial Ombudsman Service braces for PPI claims

The Financial Ombudsman Service has had to add 1,000 more staff members to deal with Payment Protection Insurance (PPI) complaints, The Independent has reported.
Around three million people have claimed for mis-sold PPI so far, though this is only one tenth of people who have taken out a plan.

The Financial Ombudsman Service has been upholding 70 per cent of consumer complaints.

In the service’s budget report for 2013 to 2014, Chief Ombudsman and Chief Executive of the Financial Ombudsman Service, Natalie Ceeney, said “The biggest challenge we face will continue to be the unprecedented numbers of PPI cases we are receiving,”

The report stated that PPI claims now take up two-thirds of the service’s workload.

Banks are in talks with the Financial Services Authority (FSA) to impose a deadline for those who have been mis-sold PPI to make a claim. Should this deadline go ahead, some companies expect PPI claims to skyrocket. The amount of claims made is expected to remain steady until 2016 if the deadline is not imposed.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801529716-ADNFCR

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