The Financial Ombudsman has reported that they are still recieving around 2000 PPI complaints per day. There has been a decrease in the number of PPI complaints made in 2013 vs the same period in 2012, but 2000 PPI complaints per day is still a significant number of complaints to be processed.

In June we reported on the FOS having to hire more staff to deal with PPI complaints, this recruitment drive should end in October this year, which will double it workforce dealing with PPI complaints.(see Article)

Although this figure of 2000 PPI complaints per day is stated as being lower then the 2012 period, The FOS  also reported in June that only 1 in 10 people who were potentially mis-sold PPI have actually made a PPI Complaint to the FOS (see Article). And another report estimating that 11 million people are still unaware that they were mis-sold PPI. (see Article)

Reading between the lines based on todays article by the BBC (see Article) and the  previous reports, I personaly do not believe that PPI complaints will be resolved any time soon.

On a Good Note : Have you noticed a dramatic reduction in PPI Claims telephone calls, we have !

 

PPI complaints still at 2,000 a day

In the first quarter of 2013, there were 132,000 complaints, fewer than at the end of 2012, but still “a huge number”, said a spokesman.

The Financial Ombudsman is in the process of recruiting an extra 2,000 staff to deal with the complaints.

Already a thousand staff members are dedicated to PPI complaints alone. Most of the complaints being received by the ombudsman are still being upheld. In the latest statistics, 78% of judgements were in favour of the customer.

“It is disappointing that the number of complaints we continue to receive remains at over 10,000 a week,” said a spokesman for the Financial Ombudsman.

“This is particularly true given that the banks have had the opportunity to resolve each complaint before it is referred to the ombudsman,” he told the BBC.

UK banks have so far set aside £15bn to pay out in compensation to those who were mis-sold PPI policies.

The cover was sold to people alongside loans, to protect the repayments should the borrower become ill, or lose their job.

 

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Tim Capper

Bringing you financial news and information in plain english for Maple Leaf Financial. My aim is to help readers understand these often complex financial instruments.