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PPI claims flood in to ombudsman
11-09-2012 15:33
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Payment Protection Insurance (PPI) claims made through the financial ombudsman soared three-quarters between January and June of this year compared to the previous half.
The number of complaints totalled 85,562, almost half of which were submitted by individuals rather than claims management companies (CMCs). Of these more than 70% were upheld.
The ombudsman revealed that five banks together accounted for 71% of the new PPI claims, having each received over 8,000 claims.
Total complaints to the ombudsman were up 27% at 135,170.
In a statement Chief Ombudsman Natalie Ceeney said: "The volume of PPI complaints doubled in the first half of 2012 - and has continued to increase since then with up to 1,500 new cases now arriving each day.
"We've also seen an increasing shift towards consumers doing it themselves rather than using a claims manager - with up to half of all new complaints now coming directly from consumers without paid-for representation, compared to less than 20% a year ago.
"This means our consumer front-line is busier than ever - taking over 3,000 calls on PPI a day and bringing much needed clarity to confused and bewildered consumers."
The total PPI bill is set to come in above the £9bn mark.
The number of complaints totalled 85,562, almost half of which were submitted by individuals rather than claims management companies (CMCs). Of these more than 70% were upheld.
The ombudsman revealed that five banks together accounted for 71% of the new PPI claims, having each received over 8,000 claims.
Total complaints to the ombudsman were up 27% at 135,170.
In a statement Chief Ombudsman Natalie Ceeney said: "The volume of PPI complaints doubled in the first half of 2012 - and has continued to increase since then with up to 1,500 new cases now arriving each day.
"We've also seen an increasing shift towards consumers doing it themselves rather than using a claims manager - with up to half of all new complaints now coming directly from consumers without paid-for representation, compared to less than 20% a year ago.
"This means our consumer front-line is busier than ever - taking over 3,000 calls on PPI a day and bringing much needed clarity to confused and bewildered consumers."
The total PPI bill is set to come in above the £9bn mark.
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