The Financial Ombudsman Service (FOS) has suggested industry fees might need to increase as a consequence of the rising volume of payment protection insurance (PPI) claims.

Payment Protection Insurance Claims

Chief ombudsman Natalie Ceeney said in the last couple of months, the number of new PPI cases referred to FOS had climbed from fewer than 1,000 a week to over 3,000. With banks already having received a million PPI complaints this year, and at least the same levels being expected next year, Ceeney said it was unclear what impact this would have on FOS. ‘If all this means we’ll need significantly more resource and capacity to handle ever-higher numbers of PPI complaints, then we need – now – to build this into the plan and budget we’ll be consulting on in the new year,’ she added.
Article from eMoneyfacts

 

Hundreds of thousands of people have won compensation for mis-sold payment protection insurance, with banks paying out £557m in the first six months of the year alone, according to new figures. The Financial Ombudsman Service (FOS), which rules on complaints about the controversial insurance that have been rejected by the banks, has seen the number of cases it has become involved with climbed to more than 3,000 in the last two months. It has upheld nine out of 10 PPI cases in favour of consumers, with compensation payments averaging £2,750. Payouts vary from £200 to more than £10,000.

PPI Claims News

Money Saving Expert with tips on PPI mis selling : Martin Lewis

We came across a wonderful interview from Martin Lewis aka the Money Saving Expert on tips about PPI mis selling. We are bombarded with TV ads for PPI mis selling and telephone calls for PPI claims, but what does it all mean? Martin Lewis, the Money Saving Expert helps to explain the facts.

Read More


Claiming PPI in IVA, Getting the Facts Right

Whether you have completed your IVA or you are still in your IVA, making a mis-sold PPI claim is still possible. However, there are differences between the two situations. In one situation, you will be able to keep the compensation you receive from a successful claim. In the other situation, this simply is not possible.

Other concerns also arise when filing a PPI claim. For example, your bank may attempt to use the unrealised asset rule or the offset rule in an effort to keep your compensation once your IVA is finished. Therefore, it is crucial that you understand all of the facts and your chances of success before making a claim.

Read More


Payment protection insurance (PPI) factsheet – FOS

The Financial Ombudsman Service factsheet provides information regarding payment protection insurance and information regarding ppi claims.

If you are fed up with those TV adverts and annoying texts- so are we. See below if we do things differently than other companies that you might have come across. Remember that you can do some of these claims yourself.

Read More


Tim Capper reports on Financial Mis-Selling for Maple Leaf Financial. Our aim is to ensure you get honest advice and proper guidance to ensure a suitable recommendation can be made to pursue a financial claim


The following two tabs change content below.

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.