More than 31,000 consumers lodged a complaint about payment protection insurance (PPI) mis-selling with the Financial Ombudsman Service (FOS) in 2008/09.
Which? readers were vocal in their dissent: 83% of the thousand-plus who visited our PPI campaign web-page went on to make a claim.
PPI claims have shot up in recent years. Less than five years ago, the FOS was receiving fewer than 1,000 complaints a year. Last year it dealt with upwards of 10,000, while this year this figure has tripled again.
Greater understanding of the mis-selling of PPI, which has traditionally been added to credit cards and loans, is considered a key reason for the upturn in complaints. Consumers are also more aware of the correct complaints procedures: speaking to their PPI provider first, and then referring the claim to the Financial Ombudsman Service after an eight week period or a letter confirming that the provider will no longer consider the complaint.
Which? has campaigned on PPI mis-selling for years and has an abundance of helpful information on making a successful claim. Which? campaigner Lucy Widenka said: ‘The number of complaints made so far represents the tip of the iceberg. Anyone who even remotely suspects that they have been mis-sold PPI should consider making a claim using our simple-to-use online tool.’
If you have made a successful PPI claim, please tell us via email@example.com.
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