PPI Still Ranks Two-Thirds of Ombudsman’s Queue

September 2, 2015
by admin in PPI News

Payment protection insurance still takes up majority of the Financial Ombudsman’s workload. Plenty of complaints push against Barclays and Lloyds. About 52 per cent of complaints filed in the FOS were in favour of the Financial Ombudsman. Lloyds Banking Group had the most PPI complaints having 46,000.

It is also the bank that tops the list of mis selling reaching 20,000 confirmed cases from July 1 to December 31 in 2014, taking up 82per cent of the FOS’ PPI complaints queue. Barclays had ranked in second place with 15,700 cases the previous year.

Lloyds had shelled out more than £8 billion to victims of PPI mis selling, making them the biggest provider for the PPI recompense package.

Chief Ombudsman Caroline Wayman said:

“PPI still takes the lead in the number of cases comprising the ombudsman’s workload. And even up to these days, resolving these issues is still the top priority”, says chief ombudsman Caroline Wayman.

“But the numbers of complaints are starting to level off and this is good news to everyone. However, the nature of PPI complaints are also getting more complex and resolving these issues becomes more challenging”; she added.

“And the real problem boils down on how to get back the people’s confidence and trust to the financial sector. And only time can tell when this can be resolved”, she finally declared.