FOS still get 600+ PPI complaints a day

FOS still get 600+ PPI complaints a day

Britain’s Financial Ombudsman Service (FOS) is still getting more than 600 complaints every working day about mis-sold PPI more than a decade after the scandal first came to light.

In its annual report, the service reveals it received 168,769 new PPI complaints in 2016/17.  This was more than 10 years after the Citizens Advice super complaint to the Office of Fair Trading in September 2005 gave us the first inkling of the scope of what has become one of Britain’s biggest ever financial mis-selling scandals.Read More


FCA sees record number of complaints

FCA sees record number of complaints

Britain’s financial watchdog has reported a record 3.04 million complaints in the second half of 2016.

Claims for mis-sold PPI were still the largest group, accounting for 29% of the overall total.Read More


Those PPI payouts just keep on rolling

Those PPI payouts just keep on rolling

Six years after official figures began to be kept, mis-sold PPI payouts continue to run at an average of more than £1/4 billion a month.

The latest figures issued by the Financial Conduct Authority (FCA) reveal that the 23 firms who make up 95% of the PPI complaints in the UK have paid out a total of £26.5 billion in compensation to consumers who were mis-sold PPI since January 2011.Read More


All over? Not by a long chalk

All over? Not by a long chalk

The announcement of the PPI deadline has been greeted by surprise in some quarters.

One of the comments we here daily about PPI is: “Surely it must be coming to an end now.  There can’t be many more people to claim.”Read More


Pool of people who may still claim PPI is ‘pretty enormous’

Pool of people who may still claim PPI is ‘pretty enormous’

As the announcement date for the proposed PPI deadline draws ever closer, Britain’s Chief Ombudsman says the pool of people who may still claim compensation for being mis-sold is ‘pretty enormous’.

Caroline Waynman, head of the Financial Ombudsman Service (FOS) revealed that almost a decade after the financial crash FOS are still receiving around 3,000 new cases a week.Read More


Are you owed money on your store card?

Could you be owed thousands on your store card?

If you were using a store card in the Nineties or Noughties it could have PPI attached to it and you could be owed a refund if it was mis-sold.

Even more surprising is that you may be able to claim the money even if you tried to claim before and were rejected.Read More


Half of FOS workload is still PPI

Half of FOS workload is still PPI

Half of the workload of the Financial Ombudsman Service (FOS) is still appeals for rejected PPI claims and the service is finding that many of those rejections were unfair.

Figures just released show that of the 70,908 new cases opened in the last three months of 2016, 36,065 were for PPI – 51% of the caseload. The next most complained of product was packaged bank accounts with 4,014 new cases reported.Read More


Lloyds committed ‘substantive breaches’ of PPI rules

Lloyds committed ‘substantive breaches’ of PPI rules

Lloyds Banking Group (LBG) has been criticised by the Competition and Markets Authority (CMA) for ‘substantive breaches’ of PPI rules.

The regulator has revealed that 4,700 LBG customers received statements with incorrect PPI figures in 2015 and hundreds more had not received any statements on their PPI policies at all.Read More


FCA pays over £400,000 for proposed PPI deadline ad brief

proposed deadline campaogn starts

The Financial Conduct Authority (FCA)has signalled its commitment to a future PPI claims deadline by paying one of Britain’s top advertising agencies more than £400,000 for ‘campaign strategy and creative development work undertaken.’

The payment is the first step in advertising the proposed PPI deadline which the regulator is expected to schedule for June 2019.Read More


Could PPI cost £100 billion?

Could PPI cost £100 billion?

A top financial journalist has claimed that the final bill for the mis-selling of PPI could be as much as £100 billion.

BBC personal finance reporter, Kevin Peachey, says: “Estimates suggest the total bill, were all sales paid back, could be £100bn. An estimated nine million people in the UK could still make a complaint.”Read More