The Financial Ombudsman Gets Record PPI Complaint Numbers
The PPI claims scandal actually increased to record heights during the first quarter of 2013 with over 327,000 new complaints, 15% than the previous year. In the second quarter, the Financial Ombudsman reported that it received at least 226,000 PPI complaints, 26% above the previous year’s number of complaints. This signified that banks and financial institutions in the United Kingdom are still dragging their feet in addressing the situation.
A third of the complaints comes from the Lloyds Banking Group, providing at least 50% of the total £18 billion compensation package for PPI. Its owned bank, Bank of Scotland, ranks highly in complaints with at least 61,000 cases this year.
PPI is designed to repay your loans, mortgages and credit cards in the event you have a financial crunch under any circumstances. In case you are interested to know your total refund, it would be wise to consult a PPI compensation calculator for an estimate.
The Lloyds Banking Group also became controversial after an undercover reporter from the London’s The Times Newspaper revealed how contracting firms working to address PPI claims systematically rejected legitimate claims without remorse.
Today, the Financial Conduct Authority is looking to review the PPI claims process in hopes of improving it after discovering two more banks inadvertently rejecting legitimate PPI claims.
In case you have a PPI claim, you could choose to work with claims companies such as PPI Calculator Co for a complete legal counsel and reclaiming.