PPI News: Financial Ombudsman Receives Record Numbers of PPI

October 14th, 2013

The Financial Ombudsman marks its largest acquisition of bank-rejected PPI complaints in the last two quarters of 2013. Around 266,388 bank-rejected PPI complaints increased the PPI complaints the FOS receives by 26%. Financial Ombudsman Chief Natalie Ceeney said that it was disappointing to see banks continue to ignore the example set by the FOS in handling PPI complaints.

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The city watchdog recently conducted its own investigation and found that out of 18 banks 12 were due for enforcement action and they could also fine the financial companies for unnecessarily delaying consumer PPI claims.

You are mis sold PPI if you believed it increased your likelihood for loan application success or if you were already excluded from its provisions upon the time you purchased it. You could know the entire amount of compensation you have by using a PPI calculator from claims management companies.

The Financial Conduct Authority said the 12 banks due for enforcement failed to consider the consumer’s circumstances during the time they were purchasing PPI, the exclusions of the insurance’s terms and conditions and the lack of a proper explanation for consumer delays.

According to the Financial Ombudsman, some banks and financial companies are seeing the positive effects of addressing claims early. Experts said that should banks eagerly comply with the refunding of consumer claims, the PPI compensation bill could move to a standstill upon reaching £13 billion. Currently, £12 billion is earmarked for compensating consumers from the entire UK banking industry.

If you were mis sold PPI and you need legal help and advice, do not hesitate to work with a PPI calculator UK claims companies can provide you.

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