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Banks ‘Passing The Buck’ Over PPI Claims

The Financial Ombudsman Service has stated that banks are referring more and more PPI Claim complaints straight over to them, when they could actually deal with the matter themselves immediately.
Over 1000 complaints a week are received by the FOS from customers confused by the PPI law and rules, even though the service has claimed that the majority of the complaints should never even reach them.

With a current rate of 90% of the complaints received by the ombudsman, the 70% that are related to a bank should be being dealt with directly following the complaint.

However, the worrying statistic is that only 16% of PPI claims that are being automatically rejected by the bank are then being referred, which suggests that potentially hundreds of thousands of customers are being denied money that is rightfully theirs following PPI cover being mis-sold.

This is all the more extra-ordinary, considering the average refund for customers is £3,000, and that some borrowers in possession of larger loans have been refunded up to £25,000.

In recent years, the number of PPI claims being dealt with the FOS has increased massively, the 2009/10 financial year’s number of cases increasing by 58% to 49,196. Speaking on behalf of the FOS, Mr Martyn James stated that the number was expected to increase again this year.

Mr James also noted that whilst some businesses had improved the quality of their complaint handling, there was still no ‘reduction in the number of cases being referred up’ and that many of the businesses still had ‘lots of room for improvement.’

For information on how you could claim up to £20,000 in compensation as a result of mis-sold PPI, contact our team here.

Posted by Shaun Edwards on 20 Jul 2010

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