The FOS said in its most recent newsletter that while PPI complaints dropped in July, August and September, in the last couple of months the number of new cases being referred to it has “climbed steeply” – from fewer than 1000 a week to over 3000.
The chief ombudsman, said: “These numbers are pretty unsettling for us. In the interview with our chairman, Sir Christopher Kelly, in this issue, he identifies the operational uncertainties around PPI as one of the biggest ongoing challenges facing us over the next few years.”
“So it’s hardly surprising that the impact of PPI came up as an issue for debate recently, at a meeting with a group of senior industry representatives at our industry funding forum. The meeting was part of the informal exchange we have with key stakeholders to discuss complaint trends, workload assumptions and budget projections in the lead-up to our formal consultation on our plan and budget early in the New Year.”
“A better understanding of the numbers and issues around PPI is crucial to our ability to plan ahead efficiently and gear up our operations for next year. For us, this isn’t just a question of the volumes and flow of cases. It’s also about how well banks and other financial businesses, as well as claims-management companies will themselves have dealt with those cases that are subsequently referred to us to sort out and settle.”
She said that if all this means it will need significantly more resource and capacity to handle ever-higher numbers of PPI complaints, then it will need – now – to build this into the plan and budget it will be consulting on in the new year.
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. 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.