FSA demands firms re-open 185,000 rejected PPI complaints

It hopes the move will tackle what it calls the "key issue" that too many complaints are rejected by firms and then overturned by the financial ombudsman (FOS). It says firms representing more than 40% of face-to-face sales in the single premium unsecured personal loan PPI market have agreed to review their sales and redress those consumers identified as missold. FSA research found, on average, firms reject around 60% of the PPI complaints they receive, but some firms reject nearly all of them. But of those complaints that reach the FOS, more than 80% are overturned in the consumer's ...