Natalie Ceeney has been the head of the financial ombudsman for the past four years. She recently announced that she was stepping down from the organisation. The organisation is currently in the process of dealing with its one millionth complaint about payment protection insurance.
Natalie CeeneyLeaces after Millionth PPI complaint
During Ceeney’s four years as a chief ombudsman, she has spent time trying to rectify the bank’s poor handling of complaint processing regarding the mis-sold payment protection plans. Payment protection insurance is also known as PPI.
Many banks are still in the process of dealing with PPI complaints. During the first half of this year, the ombudsman upheld more than 80 percent of the complaints that were made against some banks.
Ms. Ceeney attacked the way that the bank handled the PPI complaints. She had the following to say, “I am disappointed that we are seeing cases where businesses are failing to follow our long-standing approach to payment protection insurance. This results in long wait times and unnecessary delays for our customers.”
The ombudsman’s case load has tripled in the past four years. In the past, they only handle 150,000 cases per year, but now they are handling 500,000 cases per year. This is mainly due to the tidal of payment protection insurance complaints.
The complaints peaked between October and November of last year. The number of complaints are expected to fall over the next couple of months. However, ombudsman is warning that the volume will still be huge.
During Quarter two of 2012, the FOS received 32,000 payment protection insurance complaints. The number of complaints more than doubled in Quarter three of 2012 to 66,000. Quarter four also experienced a major increase in the number of complaints. The number jumped to 145,000.
Quarter one of 2013 noticed a slight decrease. The number of complaints was reduced to 133,000. Quarter two of 2013 also noticed a slight decrease in the number of complaints. The FOS received 132,000 complaints.
In July 2013, there was a report released saying that the payment protection insurance complaints may have peaked. The financial ombudsman stated they were once receiving 3,000 complaints per day. In July, they were only receiving 2,000 complaints per day.
Tony Boorman is the deputy chief ombudsman. He will take charge of the service until further notice. Nicholas Montago is the chairman of ombudsman. He had the following to say about Ms. Ceeney’s departure. “Natalie feels like it is time to move on because we have just received our millioneth payment protection insurance complaint. The ombudsman service will now be facing its own set of challenges. Natalie’s leadership started the foundation for change.”
Payment protection policies were sold in the millions alongside loans and credit cards. Many people did not know exactly what the policy covered. Most of these payment protection plans were sold between 2005 and 2009.
News for Payment Protection Insurance (PPI)
Clamp Down On PPI Claim Telemarketers Is Needed
A new report has revealed that Britons are concerned about the nuisance PPI claims calls that they are receiving from their claims management companies. They have stated that these calls are a constant plaque in their lives.
There have been recent attempts made to crack down on the claim firms’ activities. However, a recent report has shown that these attempts have failed. It is estimated that 20 percent of people have been contacted by phone or via text message within the past 24 hours. Twenty five percent of people have been contacted during the past week
PPI Claims : FOS deals with 149% increase in PPI Complaints
The Financial Ombudsman Service has revealed that PPI Claims (payment protection insurance) increased dramatically over the past 6 months to September.
The FCA is duty bound to report statistics, the previous article mentioned above was on the 1st half of the year startistics based on the 2nd half of the previous years reports. What has made this rather ludicrous is that financial reporters and news created sensationl headlines that PPI Claims have dropped.
How Much do PPI Claims Companies Charge?
When it comes to PPI claims, you need to know that you do not need to pay someone to reclaim your money.
With estimates of £9 billion being paid back by banks, and the claims management companies doing over half of those claims, this takes over 30 percent of each person’s money with each transaction making it a £1 billion industry or more. It is so profitable for these companies that they dominate the airwaves spending over £2 million every month to advertise.
Banks rejecting legitimate PPI Complaints
The recent increase in PPI complaints being recieved by the FOS is a direct results of Banks rejecting increasing numbers of legitimate PPI complaints being sent to them. The FOS has upheld 8 out of 10 PPI complaints forwarded to them.
This 80% of upheld complaints by the FOS highlights how the Banks are increasingly rejecting valid PPI complaints being made by customers.
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
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