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12 Feb 20

PPI Complaints at FOS reach two million

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The Financial Ombudsman Service (FOS), the organisation set up by Parliament to resolve complaints between financial businesses and their customersi, have announced that the total number of Payment Protection Insurance (PPI) complaints received by their service has now surpassed two millionii.

Although the PPI deadline came into effect on 29 August 2019, consumers are still able to challenge the way that their Lender has handled their Claim with the FOS – as long as they do so within six months of the Final Decision issued by the Lender. In the last three months of 2019, the FOS received 41,500 complaints regarding PPI, a 72% increase on the previous quarteriii.

If you have submitted a PPI Claim and you are unhappy with the Final Decision from your Lender, the FOS may be able to help. The FOS will complete an independent and impartial investigation and provide their decision. If they decide the Lender did not treat you fairly and that they mis-sold your PPI policy, the FOS will tell the Lender to put things right – usually, by putting you in the position you would have been if you hadn’t taken out the policyiv.

If you would like to challenge how your PPI Claim has been handled, or if you are unhappy with the Final Decision, please get in touch as we may be able to help. We will explain the process for you and assess your Claim to see if we can help refer your Claim to the FOS. You can, of course, refer your Claim to the FOS yourself for free.

Sources:

  1. https://www.financial-ombudsman.org.uk/who-we-are/aims-values
  2. https://www.ft.com/content/ed6e7b8b-d568-4638-aede-d9075833b10d
  3. https://www.telegraph.co.uk/money/consumer-affairs/ppi-mis-selling-complaints-surge-scandal-lumbers/
  4. https://www.financial-ombudsman.org.uk/consumers/complaints-can-help/ppi