Member Article

1,500 PPI claims everyday at Financial Ombudsman Service

The Financial Ombudsman Service says it is processing up to 1,500 new payment protection insurance cases each day.

Complaints have now reached the 400,000 mark and the FSO says it continues to see some financial businesses and claims management companies who do not properly handle or represent PPI complaints.

Natalie Ceeney, chief executive and chief ombudsman, says cases are currently arriving at double the forecast level, and suggests that with such a high volume, it is difficult to maintain a high level of service for customers unhappy with how a financial business has handled their PPI case.

She said: “Meeting the demand for rapid resolution of problems will challenge us all. And for those complaints that reach the ombudsman service, we can only meet consumers’ expectations if financial businesses work with us.”

In addressing each case, the FSO looks at whether the business that sold the PPI gave its customer information that was clear, fair and not misleading; and whether, in giving any advice or recommendation, the business took adequate steps to ensure that the policy it recommended was suitable for the customer’s needs.

This was posted in Bdaily's Members' News section by Tom Keighley .