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FOS receiving 10,000 PPI complaints a week

The Financial Services Ombudsman (FOS) has to cope with more than 10,000 payment protection insurance (PPI) claims a week.

Between October and December, some 145,000 cases were filed with the ombudsman, around double the rate that was seen in the quarter immediately before it.

This deluge of complaints has led the FOS to hire an extra 1,000 members of staff, as the organisation tries to handle the fallout of the largest ever mis-selling scandal.

Banks have so far set aside more than £10 billion to compensate customers, but this figure is set to rise even further.

There are no signs of the sheer volume of complaints slowing down either, as there have been suggestions in recent weeks that a deadline for filing cases could be imposed, which is likely to spur consumers into action.

On average, a typical payout is almost £3,000, with banks forking out around £530 million every month in compensation.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801530820-ADNFCR

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