FOS Overwhelmed With PPI Claims

Posted on February 10, 2017 by Canary Claims FOS Overwhelmed With PPI Claims

According to new data released by the Financial Ombudsman Service, the government body is still having to deal with ppi claims applications. The information showed that nearly fifty percent of the FOS’s workload was dominated by ppi claims, mostly appeals by customers who have had their request for ppi compensation rejected by the banks.

FOS Overwhelmed With PPI Claims

Credit: moneywise.co.uk

In the first three months of 2016, the study revealed that over seventy thousand ppi cases were opened – and thirty-six thousand of those cases, were dealing with PPI. The other mis-sold financial product that the FOS also is having to handle are packaged bank account claims, with over four thousand cases being received at the FOS headquarters in the first three months of 2016.

moneywise.co.uk provided more information on the news released by the FOS.

From moneywise.co.uk

Older people were much more likely to have PPI issues, according to the data. For people aged between 46 and 65 PPI made up 71% of all complaints, compared to 2% for those aged under 25.

Other popular topics of complaint in the fourth quarter of 2016 were packaged bank accounts (3,785 new cases), car and motorcycle insurance (2,831), and payday loans (2,529).

Caroline Wayman, chief ombudsman, says: “Although PPI is still by far the issue people complain to us about the most, it barely features at all among younger consumers’ complaints. I very much hope generations to come don’t experience a similar mis-selling scandal.”