PPI Tops FOS Complaints List
For those of you that don’t know, the FOS or the Financial Ombudsman Service is a service that was established in 2001 as a result of the Financial Services and Markets Act 2000. The aim of the service was to help settle disputes between consumers and UK businesses that provided financial services such as banks, building societies, insurance companies, investment firms and so the list goes on.
Earlier this week, the FOS released their latest figures and they show that PPI is still topping the list of complaints.
So, how does a complaint end up with the FOS? Basically, if consumers receive a rejection to a complaint that they’re not happy with, the FOS can take the complaint and look at it independently.
Two thirds of new complaints that were made to the FOS during the second quarter f the 2014/15 financial year were about PPI. So far this year, more than half of the PPI cases that have made it to the Financial Ombudsman Service have been upheld in favour of the consumer. The fact that over half of complaints are still being rejected unfairly by banks is further proof of the industry not treating it’s customers fairly, and attempting to wriggle out of paying compensation.
It’s also come as no surprise to us that packaged bank accounts were the second most complained about product with over 7,000 new complaints received in the same period.
The FOS handled over 157,000 cases during the second quarter of the financial year and of these 157,000, 88,000 were new cases.
It’s not a surprise that PPI is still top of the list when it comes to the most complained about financial products. The total amount of PPI compensation that has been paid out so far is £16 billion and the banks have estimated that the final bill is set to reach £25 billion.
As has been proven in the past, the banks can’t really be trusted and our experts have worked out that the total PPI bill should in fact be closer to a staggering £42.5 billion. We’ve calculated this by taking figures that are available to the public through the Financial Conduct Authority (FCA) and with some simple maths; we’ve found that the banks are continuing to lie to the public.
As far as the packaged bank account complaints go, we expect this to rise even more in the not so distant future. We expect the compensation payout bill for the banks will run into £BILLIONS given the success rate of claims made to date both via banks and through the Financial Ombudsman Service.
Have you been mis-sold a Packaged Bank Account or PPI? Maybe you’re unsure, or maybe you can’t remember your account details. Don’t worry, we don’t actually need any account details as we can obtain these direct with your bank or lender.
We’ve claimed back thousands of pounds for thousands of our customers and you could be next.
Start your claim with us, the compensation claims experts, today and you could be a stone’s throw away from reclaiming thousands of pounds.