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20 Dec

December 2016 – PPI complaints to hit record levels, financial ombudsman says

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The financial ombudsman expects to handle record numbers of payment protection insurance complaints next year as the fallout from the mis-selling scandal continues.

In its proposed plans and budget for 2017-18, the Financial Ombudsman Service (FOS) anticipates it will resolve 360,000 PPI complaints during that year and it proposes to resource its operations based on these expected levels.

The FOS, which clears up disputes between consumers and financial firms, said it expects to have resolved 170,000 PPI complaints across the financial year 2016-17.

The service has received 1.6 million complaints about PPI in total – and it still gets around 3,000 new complaints a week.

The FOS said it believes the number of complaints it receives in the next financial year will be “heavily influenced” by a proposed deadline for PPI complaints.

The Financial Conduct Authority (FCA) has previously proposed that a deadline of June 2019 could be set for PPI claims and it is due to make a further announcement about this in the first quarter of 2017 after considering feedback.

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