PPI Claim News - 22/5/2012
PPI claims 'are 60% of all FOS complaints'
Payment Protection Insurance (PPI) complaints represented 60 per cent of all problems reported to the Financial Ombudsman Service (FOS) during the 2011 to 2012 financial year.
There were 157,716 cases of PPI grievance issued to the body, which is the highest number of complaints the FOS has ever received about a single product.
Over the year, there were a total of 1.2 million enquiries and grievances made to the organisation from consumers, which represents more than 5,000 every working day.
Bristol, Swansea and Glasgow were referred to as "complaint hotspots" by the group.
In the south-east, 48 per cent of all grievances were for PPI claims, but this rose to 62 per cent in the north-east.
HSBC, Lloyds, the Royal Bank of Scotland and Barclays have all had to increase the amount of provision they had to deal with PPI refunds during 2012.
"This year's been a struggle for many consumers," chief ombudsman Natalie Ceeney declared, adding: "This has made our work at the ombudsman service more challenging - but more crucial - than ever before."
Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.
blog comments powered by