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Millions more PPI claims possible

Millions more PPI claims could be lodged against banks, as just one-tenth of the policies sold have led to complaints.

Speaking on BBC Radio 4’s Today programme, Natalie Ceeney, head of the Financial Ombudsman Service, said just ten per cent of those mis-sold payment protection insurance had made a compensation claim.

She explained that many people were unaware they had taken out PPI, as the policies were often bundled into loans automatically.

If unsure, Ms Ceeney said customers were within their rights to ask banks whether they had been sold PPI, either directly or through a PPI claims management company.

Her comments came as it was revealed the ombudsman received a record two million inquiries and complaints last year, including almost 380,000 about PPI.

Payment protection insurance made up 74 per cent of all cases, with the number of PPI cases rising to 378,699.

Commenting on those figures, Ms Ceeney said: "With complaint numbers doubling, this has been another challenging year for the ombudsman. And if customer dissatisfaction remains at these record levels, the challenges we face are likely to continue for the foreseeable future."

Already more than £12 billion has been set aside by Britain’s banks to cover PPI compensation claims.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801592236-ADNFCR

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