Number of PPI complaints set to soar
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.
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Hide AdAn 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.