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Daily Insurance Industry News
Friday 19th of January 2018
August 2, 2011

FOS receives 900 PPI complaints per working day

by Gill Montia

Story link: FOS receives 900 PPI complaints per working day

The first three months of the 2011/12 financial year became the busiest-ever quarter for the Financial Ombudsman Service (FOS), which received over 81,000 complaints, more than double the number received in the same period of 2010.

Complaints about Payment Protection Insurance (PPI) created the surge, with over 900 cases coming in per working day.

However, the influx showed signs of slowing once the British Bankers’ Association decided not to appeal a High Court ruling on Financial Services Authority rules for handling PPI cases.

According to the FOS, efforts now being made by banks and others to clear the backlogs created by the appeal should see record volumes of PPI cases closed, alongside high uphold rates.

In its latest newsletter, the watchdog also notes that the area of complaints relating to home emergency cover continues to grow.

 

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