PPI News-PPI Complaints Soar To Record High

January 8, 2011 By

Claims for compensation from people who had savings or investments in the collapsed financial businesses rose by 25% in 2010-11.

There were 39,500 new claims from consumers to the Financial Services Compensation Scheme (FSCS), according to its annual report.

Some 27,000 of the claims made in 2010-11 were the result of the failure of key data. The investment firm was closed down by the City watchdog, the Financial Services Authority, in 2009. The scheme is expecting a large volume of claims relating to payment protection insurance (PPI) in the coming year, since 20% of the new claims in the last financial year were about PPI.

Some sellers of the loan insurance, which subsequently went bust, have caused the claims.

One important factor driving the bank complaints higher is the continuing upsurge in the number of the mis-selling of payment protection insurance (PPI).

The FSCS has a target of paying compensation to depositors within seven days when a bank, building society or credit union goes bust. The legal requirement is 20 working days.

 

Thus PPI problems accounted for more than half of the new complaints received by the ombudsman in the second half of the year 2010 and first half of 2011.

 

 

It is Possible To Claim Back All Your  PPI Yourself. Just Take A Look HERE.

 

Related posts:

Filed Under: How To Claim Back PPI