According to the Ombudsman News, the regular circulation of the Financial Ombudsman Service, the FOS has handled more than 74,357 complaints in October, November and December of 2014.
According to the circulation, the third quarter was the quietest compared to the first two quarters of the fiscal year. In Q1, the FOS has handled 85,184 complaints and 88,038 in Q2.
The FOS indicated that PPI was the content of most of the complaints it handled. Around 65-66% of the total consumer complaints were related to PPI.
Meanwhile, the FOS said that mis sold PPI will remain in the country for the next five to seven years despite having a high compensation allocation of £23 billion. Barclays, HSBC and RBS had added a further £ 4 billion to the total, bringing it to somewhere above £27-28 billion.
UK bank attitude is also to blame for the culture of payment protection insurance mis selling. Despite the industry’s promise to fix the work volume-proportionate bonus and commissions system, UK banks will always push their products in front of their consumer first before they consider if the consumer could find the product useful or convenient.
Many of mis sold PPI’s victims were unable to use the insurance policy because they didn’t need it or because they were ineligible for its requirements.