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Only 1 in 10 people have made a compensation claim against mis-sold PPI...

29th May 2013

Ms Ceeney said it was entirely legitimate for customers to ask the banks whether they had ever been sold PPI – either directly or via a claims management company.

She told the BBC that only 3pc of PPI claims were fraudulent. The banks have tried to portray many claimants as "trying it on" in the hope that banks will pay up without adequate checks because they want to draw a line under the issue. But the banks should "stop demonising customers", Ms Ceeney said.

PPI is "the most complained about product in history", she added.

Consumers turn to the Ombudsman once they reach deadlock with financial services companies. It reviews cases and its decision is binding on those firms. Ms Ceeney told the Telegraph: "We will be hiring another 1,000 people the next six months to deal with [the rising number of complaints]. Even with that happening we have a long queue. It can take up to 18 months to get a decision because we are dealing with the biggest mis-selling scandal in British history.

Source: The Telegraph

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Posted in PPI, PPI Scandal, UK Banking, Claims

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