PPI News - FOS handling 3,500 new PPI complaints a week

PPI News – FOS handling 3,500 new PPI complaints a week

FOS handling 3,500 new PPIO complaints a week

The Financial Ombudsman Service (FOS)has been receiving an average 3,500 new PPI complaints a week in the wake of the claims deadline of August last year.

It received more than 41,500 complaints in the last three months of 2029 – a 72% increase on the total between July and September.

New complaints

New complaints had to be submitted to lenders before August 29th, but if a consumer didn’t agree with a rejection received he was free to appeal the case to FOS for adjudication.

By their own admission lenders have been swamped by the number of new claims submitted before the deadline and have told the Financial Conduct Authority (FCA) that it will be summer before the final decisions are made so new complaints to FOS will continue for some time yet.

Over 2 million

The surge has brought the number of PPI claims dealt with by FOS to more than two million.

Chief Ombudsman Caroline Waynman said: “The ombudsman service has been receiving a significant number of complaints from consumers about PPI since 2011.

Unprecedented

“There has never been another complaints issue on the same scale as PPI and the volumes of complaints made to financial businesses around the deadline last August were truly unprecedented.

“We’re pleased that most businesses are now following our well-established approach and paying compensation straight away.

Complaints

“We know that it’s taking businesses a while to respond to all the complaints made around the deadline, but we’d encourage you to wait for their response if possible.

“If you need help more urgently, or you’re unhappy with the final response you get from the business, get in contact with the ombudsman service and we’ll see if we can help.”

SIPP complaints

The number of SIPP and DB cases has been static for some months following initial growth and latest figures show the number of claims upheld against firms is down to 49% from 56%.

Top financial journalist Rachel Mortimer commented: “The downward trend comes at a time when the industry is preparing itself for a barrage of Sipp complaints.

Increasing costs

“The Financial Services Compensation Scheme has pointed to rising Sipp claims as the cause for increasing costs at its service this year and has already seen a number of troubled providers fall in its remit in the first months of this year.

“The hike in Sipp complaints is expected to continue as misadvised clients continued to pursue cases with the help of CMCs which are particularly active in the area.

In FOS’s most recent annual report, Sipps topped the list of the most complained about products against independent financial advisors.”

Related Story – https://www.gladstonebrookes.co.uk/blog/2020/02/10/ppi-compensation-breaks-37-billion-barrier/

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