More analysis from the Ombudsman (FOS) last week updating us on what we all knew - PPI complaints are continuing to rise at their offices. Around a third of our cases are now with FOS and we have noted they received 25,000 new cases in the last three-month period of last year. The Ombudsman warned the industry that the extra work would affect the levy paid by businesses to the service.
It was commented that the result meant that FOS had been receiving as many as 4500 new PPI complaints a week.
According to the data, the ombudsman received 50,378 new complaints about financial products in the last quarter of 2010. Current accounts were responsible for 10 per cent of all complaints, credit cards accounted for 8 per cent, mortgages 4 per cent and overdrafts and loans 3 per cent of all cases. Of the total number of PPI complaints, 66 per cent were resolved in favour of the consumer. This is certainly much less than the 90% + the FOS were headlining last year.
In other news, brokers continue to lobby for changes within the FSCS as a result of its increased levy on all firms irrespective of whether those firms were involved in the controversial sale of PPI policies. Calls are being made for changes in the way the FSCS imposes their levy increases - which can only be positive for those brokers and IFAs who have not been involved in the sale of the policies.
And, whilst most banks are deciding to leave the PPI industry behind, other companies are seizing the opportunity to offer competitively priced policies (Legal & General and What Insure being two recent candidates).
If you think you have been mis-sold a Payment Protection Insurance policy, do not hesitate to contact us via www.ppireturn.co.uk.
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