Number of PPI complaints set to soar

Payment protection insurance (PPI) complaints are on course to more than double the record number already predicted for this year, the ombudsman service has said.

The Financial Ombudsman Service (FOS) has already received nearly 100,000 PPI complaints in the first six months of this financial year and warned that consumers would only face longer waits for justice if banks failed to clear up complaints quickly and fairly.

The flood of complaints has also shown a dramatic increase, with 66,882 new complaints made about PPI between July and September, more than double the 32,445 complaints received in the first quarter of this year.

Hide Ad
Hide Ad

An FOS spokesman said it looked “likely” that the ombudsman would see more than double the 165,000 cases that it had originally anticipated.

Chief ombudsman Natalie Ceeney said: “The mis-sale of PPI is by far the biggest mis-selling scandal we’ve ever seen.”

Around £10bn has been set aside by the banks to cover claims being made by people who were sold insurance they didn’t want or need.