PPI Claims May Have Peaked But It Still Takes Majority Of Consumer Complaints

May 22, 2015
by admin in PPI News

The Financial Ombudsman reported it only received 209,943 complaints in March of 2015, a 50% reduction from the total it received at 448,000 March the previous year.

However, the FOS said that retrenched PPI complaints on queue for adjudication still take up most of its workload.

With over hundreds of thousands of UK consumers filing a complaint for PPI refunds and the Financial Conduct Authority calling on banks to review their complaints from time to time depending on their investigation numbers, the PPI scandal may still take years to end.

The FOS handles complaints for other bank products including packaged bank accounts, credit broking, interest rate hedging products and bank charges.