MPs demand assurances from FOS

FOS investigation

MPs have written to the Financial Ombudsman Service (FOS) demanding evidence that they have dealt with the problems highlighted in the shock Channel 4 Dispatches documentary.

Nicky Morgan, chair of the influential Treasury Select Committee, has written to Chief Ombudsman, Caroline Waynman, seeking assurances that the issues raised by the programme have been dealt with.Read More

Half a million cheated out of PPI compensation by FOS?

Half a million lost out?

An undercover operation by the Channel 4 “Dispatches” programme claims to have uncovered evidence that up to half a million people may have been cheated of a PPI payout by the Financial Ombudsman Service (FOS)

The shock allegation was aired in a special programme aired on March 12th and claimed some staff were so poorly trained they had to Google the name of the financial products they were investigating.Read More

FOS expects big increase in PPI claims

Rise in PPI claims for FOS

The Financial Ombudsman Service (FOS) is expecting a major increase in the number of PPI cases it is asked to handle in 2018.

In its plans and budget for the coming year, which has just gone out for consultation, FOS says it expects to receive a quarter of a million new complaints – 70,000 up on the current year.Read More

Level of PPI payouts jumps by £21 million in a month

Level of PPI payouts jumps by £21 million in a month

The level of PPI payouts has jumped by £21 million in a single month according to official figures just released.

The Financial Conduct Authority (FCA) revealed the total payout for August was £271.5 million – the highest monthly payout in more than a year.Read More

Lloyds receiving 11,000 new PPI claims a week

Lloyds receiving 11,000 new PPI claims a week

A decade after the PPI mis-selling scandal first raised its head, Lloyds Banking Group (LBG) are still receiving 11,000 new claims a week.

Figures released today show that, following the announcement of the PPI claims deadline of 2019, at the rate of new claims soared to 16,000 a week, but has since fallen back to the current 11,000 figure.Read More

Banks still wrongly rejecting half of PPI claims

Banks still wrongly rejecting half of PPI claims

As the PPI claims deadline adverts start to hit the airwaves news has just been released that the banks are still wrongly rejecting more than half of the claims made to them.

Latest figures from the Financial Ombudsman Service (FOS) show that in the year April 2016 to March 2017 FOS upheld 52% of all appeals made to them in favour of the consumer.Read More

What does the PPI deadline mean for you?

what does the PPI deadline mean for you

Arnie says: “Do it now!” (Image taken from FCA campaign)

The clock is now ticking on the PPI claims deadline and consumers have just two years to make a complaint or lose the right forever – but what does it mean for you?

Well, if you’ve already lodged a complaint with your lender then the deadline will have no affect at all and your claim should be fully investigated.Read More

The clock is ticking

The clock is ticking

An animatronic Arnie Schwarzenegger is the star of the campaign

The PPI deadline clock is now officially ticking with the unveiling of the first advert in the £42 million consumer awareness campaign starring the voice of Terminator Arnie Schwarzenegger.

The campaign is important news for the millions of people still eligible to make a claim for the mis-selling of PPI who have still not done so.Read More

How many PPI claims remain to be made?

How many PPI claims remain to be made?

As the UK’s financial regulator adds last minute touches to a £42 million advertising campaign on the PPI claims deadline, how many more mis-selling claims will the banks have to face until the final curtain?

A total of £27.4 billion has already been paid out on around 18.4 million claims, with the banks setting aside a further £10 billion to pay future claims.Read More

HSBC now third bank to set aside £ millions more for PPI

HSBC now third bank to set aside £ millions more for PPI

HSBC has become the third High Street bank to set aside millions of pounds more to pay future successful PPI claims.

The world’s largest bank has set aside an extra £228 million in its half year figures bringing the total new provision for PPI mis-selling in just one week to more than £1.6 billion.Read More