The Financial Services Ombudsman has revealed that 60% of the 206,000 complaints received in 2011 / 2012 involved a PPI (Payment protection Insurance) claim.
Payment Protection Insurance Claims
A record 264,000 financial complaints were lodged over products and services in the past 12 months, with complaints involving payment protection insurance (PPI) dominating the Financial Ombudsman Service.
The FOS says a 28% rise in the number of cases it had received was evidence that the past year had been tough for many consumers who had found themselves struggling with the complexities of financial services.
The FOS is the independent organisation that settles disputes between consumers and financial companies, and in its annual review covering the 2011/2012 financial year, received more than 1.2 million enquiries and complaints, which is around 5,000 each day. More than one in five of these initial enquiries went on to become formal disputes, resulting in a record 264,375 new cases.
That compares with 206,121 in 2011 and 123,089 in 2007/08. Of this year’s new total, 157,716 (60%) involved the sale of PPI or Payment Protection Insurance. This is the highest number of complaints ever received about a single financial product. The FOS did not break down the products that the PPI Claims complaints were attributed too, such as credit cards, motor vehicles etc.
However, the ombudsman said there were almost 6,000 PPI complaints from people who hadn’t bought the PPI policy they were making a claim about. Meanwhile, the number of insurance-related complaints (excluding PPI) jumped by 31%, driven primarily by problems with motor insurance (up 26%), buildings insurance (up 31%) and contents insurance (up 23%).
Banking and credit complaints fell by 1%, though credit card complaints increased by 10% and mortgage complaints leapt 35%. Disputes involving investments fell 4%, but those related to pensions were up by 28%. Among the UK’s ‘complaint hotspots’ were Glasgow, Swansea and Bristol, the service said.
The good news for the public was that the ombudsman’s involvement resulted in compensation for consumers in 64% of cases – up from 51% the previous year. The service said there had been a reduction in the proportion of PPI complaints submitted on people’s behalf by claims companies, from 76% in 2011 to 69%.
This showed that ‘more consumers realise they don’t need to pay someone to complain on their behalf’, a spokesman said. Natalie Ceeney, the chief ombudsman, said: ‘This year has been a struggle for many consumers who have found themselves burdened by debt, besieged by claims companies and bewildered by the complexity of financial services.
‘This has made our work at the ombudsman service more challenging – but more crucial – than ever before.’
Article in full from the Guardian.co.uk
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.
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.
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.
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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