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Sharp Rise in Ombudsman PPI Claims

PPI claims rose dramatically in the second half of 2012, the Financial Ombudsman Service (FOS) has revealed. The level of complaints has soared to such an extent that the service is taking on almost 2,000 new cases a day.

211,855 new PPI complaints were received in the second half of the year, compared to 86,000 in the previous six months. The total number of PPI complaints made to the FOS surpassed 600,000 by the end of the year.

Natalie Ceeney, chief financial ombudsman, said: “The number of PPI complaints has continued to increase at unprecedented levels. As the complaint levels show no sign of slowing, consumers are increasingly having to wait longer to get their complaints sorted – with many business still continuing to cause unnecessary delays.”

Lloyds TSB overtook Barclays as the institution with the most complaints against it in the second half of the year with 45,727 – most of which were in relation to PPI.  The total was more than quadruple the number of complaints in the first half of the year. 86% of PPI complaints against Lloyds TSB were upheld.

Although the number of complaints to the ombudsman has risen sharply, Lloyds claims the overall number is falling. Martin Dodd, customer service director at Lloyds Banking Group said: “We are very disappointed with the number of complaints referred to the ombudsman service, and we are actively addressing this with the ombudsman. We are confident that we will see an improvement throughout the year.”

Barclays and Bank of Scotland also saw big rises in the number of PPI complaints against them, with the total against the former almost doubling to 38,000 and the latter seeing a 700% increase.

The FOS has taken on new staff to deal with the processing of the huge number of complaints and attempt to avoid lengthy delays in claims being resolved. It expects to resolve 245,000 PPI cases this year.

 






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