The Financial Ombudsman had been dealing with the biggest financial scandal in the United Kingdom since 2011. At the peak of the scandal, the FOS had expanded its workforce by thousands as 5,000 PPI complaints were arriving on a weekly basis. For the second half of 2013, the FOS had dealt with over 272,000 complaints.
The Financial Ombudsman’s annual review for 2014-2015 sees that 73.5 per cent of the 329,509 complaints, which include those for PPI, were about other mis-sold bank products.
The FOS said it is regularly meeting with the British Bankers’ Association to discuss effective complaints handling and fair consumer treatment.
The FOS said it is also meeting with other trade bodies. As it anticipates the PPI deadline, the Ombudsman believes it would be receiving a higher number of claims within two years.
“We continue to work with claims managers and banks to ensure the lessons from other ‘mass’ complaints are being applied, and to prevent disputes being escalated to us unnecessarily.
“Banks have told us that they’re applying our approach when they first receive a customer’s complaint.”
In 2013, Former Chief Ombudsman Natalie Ceeney said banks had “dragged their feet” in resolving PPI claims by rejecting valid claims and not refunding their consumers on time.