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Banks and insurers were slammed today for dragging their feet on payment protection insurance compensation as a financial watchdog warned that a record number of mis-selling cases are still waiting to be resolved. The Financial Ombudsman Service said it has 130,000 cases on its books in the financial year 2012/13 – up from 109,500 this financial year and more than double the 60,000 PPI cases resolved in 2010/11.
Since the high number of complaints is likely to make up the half of its workload, the FOS is consulting on plans on how to cope, including proposing businesses pay an additional fee of £350 for PPI cases on top of the £500 standard case fee. The financial watchdog added it would not be fair for those not involved in mass PPI claims to cover the costs....Read more here--: Ombudsman warns over record number of unresolved PPI mis-selling cases | This is Money
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