PPI mis selling scandal is not going away, says Financial Ombudsman

Published: 15/01/2015

The scale of the PPI mis selling scandal is so extensive it will be years before it is over, believes the Chief Financial Ombudsman Caroline Wayman.

Whilst the number of PPI complaints has declined since the 12,000-a-week peak in 2012 there are still 4,000 complaints about PPI mis selling each week.

In order to deal with continued complaints, the Financial Ombudsman is recruiting a further 200 staff. This is despite already doubling in size to cope with the significant volume.

Solicitor Paul Cahill comments:

“The fact that the Chief Financial Ombudsman has been so direct about PPI timeframes is very interesting. There’s no ‘could’ or ‘may’ about it; it will be years because of how many people have been affected.

“So it just goes to show that companies looking to help people reclaim their total PPI compensation are not trying to drag out the scandal or ‘milk the situation’ as some critics may claim. They are still trying to assist people recover PPI because there is still PPI out there to be reclaimed and there will be for some time yet.

“The best way to put PPI mis selling to bed is to contact our dedicated team and let us investigate everything on your behalf. We will pay for a Subject Access Request – known as a SAR – which allows us to check all of your financial agreement to check if there is any PPI policies associated with them. If there are we can then pursue them on your behalf.

“It is worth contacting us even if you have already reclaimed PPI; it’s now clear that up to 2.5million claims were wrongly rejected or undercompensated while lenders miscalculated charges triggered by PPI premiums on thousands of other claims. This means those already compensated could be owed much more. It costs nothing to see if you have a claim so there is absolutely nothing to lose.”

Goldsmith Williams works on a no win no fee basis. This means you do not pay anything unless your claim is successful.

Content correct at time of publication

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