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News

Current PPI Costs to the Banks at £557m

The amount of repayments made to consumers as a result of missold payment protection continues to grow and grow, with the Financial Ombudsman Service highlighting some of the figures as ‘unsettling.’

The official figures released have shown that a huge £557m has been repaid in the first six months of 2011, with nine out of every ten cases being upheld by the Ombudsman service, and the number of cases per week currently estimated at 3,000.

Ironically enough, the Ombudsman service itself is having to consider taking on more staff to meet the ever-growing list of complaints. The total number of people making a complaint in the first half of the year is totalled at 532,000, with the initial backlog of complaints dealt with by the end of August.

Speaking on behalf of the ombudsman, the Chief Ombudsman Natalie Ceeney commented that ‘Of all this means we’ll need significantly more resource and capacity to handle ever-higher numbers of PPI complaints, then we need – now – to build this into the plan and budget we’ll be consulting on in the new year.’

It is estimated that the FOS already has 300 adjudicators working on PPI claims, but will soon be employing more. Ironically, the banks also had to bring in more staff to deal with PPI, with 500 being employed at Lloyds alone.

To view more of the latest news from the world of missold payment protection, and to view our PPI calculator, visit Creditline Financial here.

Posted by Shaun Edwards on 02 Dec 2011

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