Once again, more statistics published last week confirmed what we all knew. Payment protection insurance complaints continue to make up a massive 45% of its ongoing caseload over the last 3 months.
I believe this figure will increase dramatically as the Ombudsman begins to receive complaints which banks will not investigate as a result of the judicial review. The Ombudsman will have to reallocate their staff to cope with the massive extra workload. Furthermore, even if a complaint is forwarded to the Ombudsman service, it is likely only a full decision in the customer's favour from an Ombudsman will compell a bank to pay any compensation. Such a decision from the top level of the service could take as long as 1 year to be realised.
However, we are still receiving a steady proportion of offers and payments and although certain banks have confirmed they are unwilling to deal with a selection of cases, we are confident that we will still be able to deal with cases despite the judicial review.
In another article this week, the FSA are keeping a keen eye on its members as they begin to trial new products. The FSA has cited they intend to take a proactive approach to risk management as they review these new products in an effort to avoid another 'PPI' scandal. Only with this positive approach to regulation can the FSA ever hope to keep their members in check.
If you feel you have been mis-sold PPI, dont hesitate to approach us to make a claim at http://www.ppireturn.co.uk/
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