PPI: Many People Still to claim

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February 14, 2017
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Record numbers of people are still to claim on their mis sold PPI products, don’t delay and don’t get caught in the rush.

The Chief Financial Ombudsman, Caroline Wayman, has said this week that the number of people still to come forward to complain about their PPI policy is “pretty enormous”. The Financial Ombudsman Service is currently receiving around 3000 new cases per week about mis sold PPI. This is a huge drop from the 12,000 per week that they were handling, but our industry insider believes that once the deadline for claiming back PPI is announced by the Financial Conduct Authority that this number could soon go up again.

As the Ombudsman Service is still upholding over 50% of all PPI cases referred to it, clearly the PPI scandal is still going strong. If you don’t claim soon, then the waiting times for your case to be resolved could be excessive. The Chief Ombudsman has said that “something is going on that isn’t quite right”, she is referring to the fact that the Financial Ombudsman Service is still upholding over a third of all PPI cases referred showing the banks are still not handling complaints correctly. Many of the big banks have been fined by the Financial Conduct Authority for not reviewing your complaints fairly. Some of these fines number into the multi millions.

The FCA estimates that around 45 million PPI policies were sold in the 20 years between 1990 and 2010. They estimate this was worth around £44bn in premiums to the banks. If you haven’t already claimed for your slice of the pie then you need to do so as soon as possible. We are currently seeing the Financial Ombudsman Service resolving some cases quite quickly, but back when they were dealing with 12,000 cases per week they were advising anywhere up to 24 months for a resolution to your complaint.

Over the last 10 years the Financial Ombudsman Service has received around 1.6 million complaints about mis sold PPI. If the FCA estimates that around 45 million policies were sold then you can clearly see lots more people are still to complain. If the Financial Conduct Authority announces its deadline by the end of March, as it is widely expected to do, then the rush of people claiming will be unprecedented.