PPI Refund 4 Me comments on Financial Obudsman Service latest statistics

Sept. 14, 2012 - PRLog -- PPI complaints hit 1,500 a day in first six months of 2012
Guardian, 11 September 2012

The Financial Ombudsman Service (FOS) received 1,500 claims a day in the first half of 2012 as a result of banks and building societies continuing to reject claims for the mis-selling of payment protection insurance (PPI) with Barclays Bank topping the list of organisations being complained about.

Of a total of 135,170 complaints received in the six months to the end of June, 85,562 related to PPI, the FOS said. While overall complaints were up by 27%, those involving sales of the insurance increased by 75%. Staff also dealt with about 3,000 phone inquiries regarding PPI a day.

The big five UK high street banks have already set aside GBP9bn for compensation payments, more than half of which has already been handed out to customers. However, it appears lenders are rejecting many claims for borrowers they should be allowing.

The FOS now has 650 full-time staff dealing with PPI and is still recruiting staff to deal specifically with these requests. It is still taking months for complaints to be dealt with; recently Guardian Money covered how consumers were being told they may have to wait at least 12 months to receive a response.

Natalie Ceeney, chief executive and chief ombudsman, said: "The volume of PPI complaints doubled in the first half of 2012 and has continued to increase since then, with up to 1,500 new cases arriving each day.

PPI Refund 4 Me supports efforts of the FOS to ensure consumers with valid claims receive the compensation they are entitled too:

PPI Refund 4 Me has helped thousands of consumers obtain a refund for mis-sold PPI -- a situation that was created by the financial institutions whose advisers mis-sold the policies and profited by the practice. Visit us at http://www.ppirefund4me.co.uk

PPI Refund 4 Me advises consumers to check out any phone calls received which are unsolicited regarding a possible PPI claims -- and never part with money upfront.

PPI Refund 4 Me is always transparent about its fees and nothing is paid until a settlement with the financial institution has been agreed.

Although PPI claims companies may charge between 15-25% of any compensation won, many claimants do not feel able to take on the work of tackling financial institutions themselves to reclaim their PPI.

PPI Refund 4 Me endeavours to offer the best possible PPI claims service to its customers.

About PPI Refund 4 Me

PPI Refund 4 Me is regulated by the Ministry of Justice and appoints a dedicated account manager to each of its customers whom they can speak to whenever they call.

PPI Refund 4 Me.co.uk does not believe in cold calling, sending unsolicited emails to potential clients or misleading consumers over our fees or the chances of receiving a disproportional settlement for any PPI claim they make.

PPI Refund 4 Me.co.uk offers a PPI claim service on a No win No fee basis to customers, most of whom discover our services by word-of-mouth or recommendation.

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