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Financial Ombudsman Service - latest PPI figures
Originally posted by 5corpio
Following today's press release from the FSA on the amount of redress paid out in relation to PPI, the latest updated figures from the ombudsman service are as shown below:
The ombudsman service has received over a quarter of a million PPI cases in total (265,591), with a record 104,597 in the last financial year (2010/11). 63,271 new PPI complaints have been received since 1 April 2011 (the start of the financial year) and around three out of four complaints about PPI have been upheld, with average redress payout of £2,750, resulting in over £380 million in redress being paid out following the ombudsman service's involvement.
It is not yet clear what the impact on complaint volumes will be once the FSA's rule waiver (in relation to firms handling PPI complaints) is lifted, however the FOS is working closely with the FSA and the banks that sold the majority of PPI policies to ensure that complaints continue to be tackled promptly and effectively.
The FOS state that there is no need for people to use a paid third party to complain to a bank or use the ombudsman's free service - and people who do so are no more likely to have their complaint upheld. Source: CCR Magazine - Financial Ombudsman Service - latest PPI figures
The Financial Services Authority (FSA) today of the amount of redress paid by firms during the first six months of 2011 to consumers who have complained about the way they were sold payment protection insurance (PPI).
The data shows that 16 firms, representing 92 per cent* of PPI complaints received in the first half of 2011, have paid a total of £215 million in redress between January and June 2011 inclusive. In May and June alone, following the dismissal of the industry’s legal challenge to the FSA and the Financial Ombudsman Service (the Ombudsman), £102 million was paid out.
The monthly totals, with cumulative totals in brackets, are:
The figures include the value of ex-gratia payments made to complainants and cases settled by the Ombudsman.
The FSA is publishing this data as a simple measure to allow firms, consumers and other interested parties to keep track of the progress being made. The FSA will continue to publish this data on an ongoing monthly basis accompanied by a running total.
The FSA has also created a step by step video guide featuring the FSA’s head of consumer affairs, Chris Pond, explaining the process of how to complain to financial services providers.
Margaret Cole, interim managing director of the FSA’s conduct business unit, commented:
“The treatment of PPI complainants has left an indelible stain on the financial industry’s record. By releasing these figures we’re providing a.....Read more on this story: CCR Magazine - FSA publishes amount of redress paid to PPI complainants in first half of 2011
The ombudsman service has received over a quarter of a million PPI cases in total (265,591), with a record 104,597 in the last financial year (2010/11). 63,271 new PPI complaints have been received since 1 April 2011 (the start of the financial year) and around three out of four complaints about PPI have been upheld, with average redress payout of £2,750, resulting in over £380 million in redress being paid out following the ombudsman service's involvement.
It is not yet clear what the impact on complaint volumes will be once the FSA's rule waiver (in relation to firms handling PPI complaints) is lifted, however the FOS is working closely with the FSA and the banks that sold the majority of PPI policies to ensure that complaints continue to be tackled promptly and effectively.
The FOS state that there is no need for people to use a paid third party to complain to a bank or use the ombudsman's free service - and people who do so are no more likely to have their complaint upheld. Source: CCR Magazine - Financial Ombudsman Service - latest PPI figures
FSA publishes amount of redress paid to PPI complainants in first half of 2011
The Financial Services Authority (FSA) today of the amount of redress paid by firms during the first six months of 2011 to consumers who have complained about the way they were sold payment protection insurance (PPI).
The data shows that 16 firms, representing 92 per cent* of PPI complaints received in the first half of 2011, have paid a total of £215 million in redress between January and June 2011 inclusive. In May and June alone, following the dismissal of the industry’s legal challenge to the FSA and the Financial Ombudsman Service (the Ombudsman), £102 million was paid out.
The monthly totals, with cumulative totals in brackets, are:
January - £29 million (£29 million)
February - £31 million (£60 million)
March - £28 million (£88 million)
April - £25 million (£113 million)
May - £37 million (£150 million)
June - £65 million (£215 million)
February - £31 million (£60 million)
March - £28 million (£88 million)
April - £25 million (£113 million)
May - £37 million (£150 million)
June - £65 million (£215 million)
The figures include the value of ex-gratia payments made to complainants and cases settled by the Ombudsman.
The FSA is publishing this data as a simple measure to allow firms, consumers and other interested parties to keep track of the progress being made. The FSA will continue to publish this data on an ongoing monthly basis accompanied by a running total.
The FSA has also created a step by step video guide featuring the FSA’s head of consumer affairs, Chris Pond, explaining the process of how to complain to financial services providers.
You can view this video now on the FSA website.
CLICK HERE TO VIEW
CLICK HERE TO VIEW
Margaret Cole, interim managing director of the FSA’s conduct business unit, commented:
“The treatment of PPI complainants has left an indelible stain on the financial industry’s record. By releasing these figures we’re providing a.....Read more on this story: CCR Magazine - FSA publishes amount of redress paid to PPI complainants in first half of 2011