The Financial Ombudsman reports having received a higher than expected number of PPI complaints the third quarter of 2015.
As the FCA’s possible deadline looms, the FOS predicts it will receive more than 180,000 PPI claims by March 2016.
Despite the higher number of complaints, the independent mediating body said it is better to have a predictable workload in the future.
The Financial Ombudsman service has grown its workforce in response to the increasing number of PPI complaints nationwide. It had received more than 272,000 complaints during the peak of the PPI scandal in 2013.
A Scandal That Needs To End
The Financial Ombudsman upheld more than 70 per cent of bank-rejected PPI claims. Former Chief Ombudsman Natalie Ceeney once said banks were “dragging their feet” in resolving properly consumer claims.
It was in Ceeney’s time when the workforce expanded to accommodate more than 7,000 PPI claims on a weekly basis.
The Financial Conduct Authority had begun consultation on ending the PPI scandal after its research revealed that about 60 per cent of consumers did not bother to make a claim due to the open-ended nature of the scandal.
The UK finance industry’s total mis-sold PPI bill is now at £27bn.