FOS Still Handling Over 1,000 PPI Claims Every Day

6 Ways To Get Your Mis sold PPI Payments Back [Infographic]
February 28, 2014
UK Banks Pay Out £144.54 Every Second
March 7, 2014
Show all

FOS Still Handling Over 1,000 PPI Claims Every Day

Despite warnings from the Financial Service Authority, there are signs that the PPI crisis may be finally starting to peak. The Financial Ombudsman said complaints for most of the High Street banks started to drop. However, the FOS is still receiving at least 1,000 claims a day. The Ombudsman believes that the PPI crisis will continue into the foreseeable future.

Claims High Despite Steep Drop

There was a steep drop in PPI claims during the second half of 2013. On the surface, it would appear that the crisis was finally starting to be resolved. However, the FOS said that complaints are still near record highs.

More PPI claims were filed in 2013 than any other year since the crisis unfolded. The surge began at the beginning of the year and slowly began to taper off in the last six months. However, claims are still near record highs even after falling towards the end of the year.

Crisis Will Continue

The FOS expects that the PPI crisis will continue into the foreseeable future. Natalie Ceeney, the former chief ombudsman, believed that claims would continue to increase indefinitely. Her successor Tony Boorman, said that there are signs that it may finally be starting to taper off.

Boorman said that these signs are encouraging news for everybody. However, he also said that it will take a long time before the PPI crisis is resolved.

Problems Remain With Some Banks

PPI complaints are declining for some banks, which suggests that the banks have improved their practices. However, claims remain elevated with some banks.

Boorman said that claims haven’t fallen with MBNA or HSBC. They have started to drop at most other banks, but are still unacceptably high. Lloyds, the Bank of Scotland and Barclays account for the majority of PPI claims.

Complaints Against Some Banks Upheld More Often than Others

While PPI complaints are still near record highs for most banks, some complaints are more valid than others. The FOS said that over three quarters of the complaints made against Barclays have been upheld. However, only about 10% of the complaints made against the National Building Society were.

The rate of claims being upheld is declining for many banks, which shows that many of the legitimate claims have already been resolved. However, the FOS believes that there is still a substantial number of claims that haven’t been filed. They may face another surge in claims in the future.

 

COVID-19 ANNOUNCEMENT

MARCH 23RD 2020

At this time we are continuing business as usual however our team will now largely be working from home. This limits our phone contact availability. Customer support remains available Monday to Friday but please email in to info@oraclelegal.com with your query. We aim to get back to you within 48 hours. On receipt of PPI refunds our fees remain payable and can be paid via our website www.oraclelegal.co.uk/payments/ or via BACS. We are also working on some other areas of potential claim for you in connection with your PPI and will be in touch shortly where applicable to present this to you.

IMPORTANT:The last day we can accept a new claim is Friday 23rd August – midday – to ensure the paperwork is properly processed and lodged with your lender before the cut-off time.