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News

Latest Figures Show PPI Claims Are Ever-Increasing

New figures revealed by the Financial Ombudsman Service have highlighted the ever-increasing amount of complaints lodged with them regarding the controversial Payment Protection Insurance.

The latest statistics reveal that the FOS have received over 21,400 complaints from customers confused by PPI law and rule since April: even more amazing is that nearly 2,000 of those complaints have been lodged in the last week. The number totaled now stands at a massive 114, 478, with over half of the complaints having been made within the last 16 months.

More and more people have become aware of the PPI controversy in the last year: many of whom were mis-sold PPI by sellers that did not conform to the correct PPI law and rules that they should have.
The figures released come as an additional boost to those working to reclaim mis-sold PPI money, who will already be welcoming the news announced earlier in the week that the Financial Services Authority have confirmed they will be enforcing new reforms from December the 1st to ensure that companies who already have records for mis-selling PPI will be contacting any other buyers who could have also been taken in by the mis-selling to make them aware of the potential to reclaim.

The FSA has so far fined a total of 24 different firms for mis-selling PPI, with the total amount of the fines now reaching £13 million.

PPI has now become the most complained about matter to the FOS, with the number of complaints by those confused by PPI law and rules up an amazing 60% on last year.

To find out more about how you could claim up to £15,000 in mis-sold PPI, and for more information on PPI law and rules, fill in our contact form here.

Posted by Shaun Edwards on 17 Aug 2010

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