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Borrowers making up to 4,000 complaints about PPI every week

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  • Borrowers making up to 4,000 complaints about PPI every week

    Borrowers making up to 4,000 complaints about PPI every week

    This is a duplicate of the Blog Entry made on: 26th May 2016 15:50
    Payment protection insurance is triggering up to 4,000 complaints a week to the Financial Ombudsman Service, which said the claims management industry and a possible deadline for PPI compensation continue to stoke complaints. In March, the total number of complaints about mis-sold PPI passed 1.5 million, accounting for half of all the complaints lodged with the ombudsman since its foundation in 2001. Two years after the peak in new PPI cases, the volume of complaints about the banks' compensation process remains stubbornly high. The organisation took on 188,712 new cases concerning the product, down 7.9pc on the prior year, but the decline has come “at a slower rate than people had generally expected".

    Three quarters of PPI cases come through a claims management company, although proposals for a cap on “no win, no fee” charges following a Government review of the industry earlier this year are expected to bring these types of cases down. “During the year we continued to have frank conversations about the quality of information claims managers were giving us about PPI complaints,” said the ombudsman.....Read more here



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