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Hard-up UK families still could be due PPI payouts

2012-08-20 14.36.41-1

25th January 2013

Millions more people have potential payment protection insurance claims which – unless they are time-limited – could stay at their present record levels for another three years.

Banks had hoped that the numbers would go down but, instead, the Financial Ombudsman Service is adding another 1,000 complaints-handling staff and expects volumes to stay steady until 2016.

So far about three million consumers have sought redress over mis-sold policies, but this represents just one tenth of the PPI plans that have been sold.

The Ombudsman, which handles cases from people who are still dissatisfied despite having been through the complaints process at the firm which sold them the policy, has just published its proposed budget for 2013-14, in which it says "this challenge seems likely to remain with us for sometime – probably for several years".

Source: The Independent

Posted in PPI, Mis-selling Scandal, PPI Claims, UK, Consumers

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