PPI May Have Crashed And Burned As it Reaches Peak

May 20, 2015
by admin in PPI News

The FOS reports it had only received 205,000 complaints by March in 2015. The Ombudsman added that this was half of the 448,000 complaints it had received the same quarter for 2014.

In 2014, the FOS had resolved 1.8 million queries.

From 2001, the FOS had answered 15 million consumer questions and resolved 2.8 million disputes.

The PPI claims compensation package for all UK banks is now at £26 with Lloyds claiming about £12 billion of the entire bill. Meanwhile, Barclays had added £150 million to its redress package for PPI mis selling. Barclays has now paid £5.4 billion in total for PPI mis selling.

About 75 per cent of the complaints the FOS receives is from the North Eastern part of England where people were most likely to complain about PPI.

About 60 per cent of all FOS complaints were about Barclays, Lloyds, RBS and HSBC

Meanwhile, talks of a deadline had seen criticism after banks were criticised for their delaying tactics.

FOS Chief Ombudsman Caroline Wayman said of the PPI crisis and other financial crisis:

‘Fifteen years of sorting out millions of these problems have given us unparalleled experience, knowledge and understanding of why complaints happen – and how they could be avoided in future.

‘That’s why our focus continues to be on complaints prevention and sorting things out pragmatically as soon as problems emerge.’