The FSA (Financial Services Authority) have brought into effect a temporary ruling that says PPI claims now have more time in which to refer their cases to the FOS (Financial Ombudsman Service). This rule was already in effect but was due this month. They have simply postponed it for 6 months until 27th October 2010. However this is only for PPI complainants who have been sent a final response letter from the PPI provider between the 28th November 2009 and 28th April 2010 inclusive.
The Financial Services Authority have said that they are working on a longer term solution to ensure consumers are treated fairly when making complaints about PPI issues.
The FOS have revealed in their latest annual report that PPI claims account for over 30% of new cases, in the year ending March 2010.
They have dealt with nearly 50,000 PPI complaints compared with just over 31,000 the previous year. While a small proportion of cases related to PPI claims, most of the them involved complaints about the sale of Payment Protection Insurance.
Missold PPI is now a major industry in the UK, with many people submitting PPI claims in order to seek compensation.
If you have taken out a loan, mortgage or credit card since 2004, and you think you were sold PPI, then get in touch with us using the phone number above. Alternatively use our online PPI claim form and we will do the rest for you. It costs nothing to find out if you have a claim and we work on a NO WIN NO FEE service. What are you waiting for???