Nearly every complaint about payment protection insurance (PPI) is being found in favour of the consumer, according to the Financial Ombudsman Service (FOS).
It says the number of cases being upheld in 2008/9 is approaching 90%, significantly above the 50% 'benchmark' average across all other products combined. Moreover, the total number of PPI complaints is set to hit 30,000 by the end of the financial year, again substantially above the 20-25,000 forecasted in January. This represents an average of around 500 new cases every week, although the FOS says it recorded more than 800 complaints last week alone. The 30,000 figure compares with just 10,000 PPI complaints in 2007/8 and only 1,800 in 2006/7, which represents just a sixteenth of th...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
