PPI Dominates the Workload of the Ombudsman
The Financial Ombudsman Service (FOS) is the company that many people turn to when they have an issue or problem with a financial company in the UK. If the bank or lender is unable or unwilling to solve the problem, customers can turn to FOS for help.
Fresh complaints relating to the mis-selling of payment protection insurance (PPI) continue to dominate its work, with FOS receiving over 40,000 PPI complaints between July and September of this year.
When can I go to FOS?
With PPI compensation claims, or a complaint regarding any other financial product, you can only ask FOS to become involved once you have given the company in question an opportunity to resolve the issue.
In the case of PPI compensation claims, many customers take their case to the Ombudsman because they feel the bank’s rejection of their claim is wrong or unfair.
And, FOS say that in the vast majority of cases, they are upholding in favour of the customers – in 57% of cases, in fact.
PPI is the most complained about product, but packaged bank accounts are following hot on its heels. Over 5,000 customers complained about bank accounts, but there were 43,000 complaints relating to PPI.
An expensive scandal
It is a scandal that has, over the years, dominated the headlines and there is no doubt that the main headline relates to the cost of compensating customers.
Not only are banks resources being dented by the claims themselves, the administrative cost of processing thousands of claims is an additional cost.
PPI league table
Lloyds holds the top spot with £17.1 billion set aside to compensate customers after being mis-sold PPI, with Barclays in second place with £8.5 billion their compensation pot. RBS has £4.7 billion set aside and HSBC has £2.9 billion its PPI compensation fund.
The sale of PPI is now largely banned but there are still thousands of people left who have yet to make a claim for PPI compensation. Are you one of them?
Make your claim for PPI compensation today
In many cases, PPI compensation claims are simple to resolve with many customers enjoying their PPI windfall within a few weeks. Other claims are more complex but rest assured that Payment Protection Scotland will be with you every step of the way.
Start your claim today by simply calling us. All claims are on a no win, no fee basis so you only pay us if we win your case!