The number of complaints by consumers received at the Financial Ombudsman Service has increased to record high levels. This has been caused mainly by a 40% increase in PPI claims.
The FOS, whose main task in the Financial Service industry is to settle complaints between consumers and financial businesses, resolved 166,000 new cases to year end March 2010. This was an increase of 46% on the same time period last year. The majority of this increase was due to more and more customers complaining about being missold PPI (Payment Protection Insurance). PPI is intended to meet loan or credit card repayments should the insured become unable to do so, due to sickness, accident or redundancy.
Almost 50,000 of new missold PPI complaints were lodged. This was an increase of 58% on the previous year.
Interestingly, over 90% of PPI claim cases were upheld in favour of the customers. This is far higher than the average rate of success of 50% across other similar industries.
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???