The last three months has seen an increase in the amount of cases received by the Financial Ombudmsan Service (FOS) concerning the mis-selling of PPI (Payment Protection Insurance) products. PPI is a commonly sold ‘add-on’ that has been connected with many kinds of credit card finance and other loans and has always been touted as a ‘must have’ and mandatory requirement, often costing in excess of actual product worth. Seven out of every ten complaints received by the FOS were related to PPI during the earlier quarter of 2011.
Speaking on behalf of the FOS, the Decisions Director and Principal Ombudsman Tony Boorman outlined that the first part of the new financial year had seen unprecedented levels of complaint and dissatisfaction expressed from consumers. A huge backlash in excess of eighty thousand grievances recorded so far, makes this over one hundred percent more than the same time in 2010 and certainly is keeping the FOS in exceptional demand. This is most certainly elevated by currently high public awareness of PPI mis-selling and companies who successfully assist consumers who have inadvertently bought inappropriate PPI.
The data released by the Financial Ombudmsan Service also demonstrated that they incredibly handle almost 1000 new PPI complaints every day during their normal operation in a week. This elevated number being recorded might now be partly due to the concluded PPI review within the legal courts and the ultimate High Court deciding response which was not challenged by the British Bankers’ Association. This has now enabled the FOS to advance individual complaints related to several banks much more effectively and quickly than previously. It is not yet clear when the Payment Protection Insurance claim rate will begin to show some levelling and time will tell if they have yet to reach their complaint pinnacle.
Sally Bowyer, Managing Director of leading claims firm, BrunelFranklin.com said: “We continue to see a huge increase in PPI refund applications as public awareness gradually rises. Horrendous cases of mis-selling are still coming to light; as people feel the financial squeeze and learn of the PPI refund successes of friends, family and colleagues, the upward trend in the number of people seeking refunds is likely to continue for the foreseeable future.”
Learn more about PPI refunds and find out if you could apply for a refund today! Visit the website www.brunelfranklin.com or call Brunel Franklin, free, on 0800 051 54 51