The infamous UK payment protection insurance policy banks and lenders have mis sold customers have reached great new levels as Chief Ombudsman Natalie Ceeney of the FOS points out that the Ombudsman is dealing with 2,000 new cases on a daily basis. The staggering average per day has made up at least three quarters of the 283,251 new complaints in the last few months.

Ceeney also points out that the influx of payment protection insurance shows no signs of slowing because banks and lenders often refer customer claims they dispute to the Ombudsman, which takes more time. Lloyds TSB has the highest number of PPI cases referred to the ombudsman, with the ombudsman favouring the customers 86% of the time.
The banking group said that their complaint levels in general were falling. However, many analysts see otherwise. The FOS finds that PPI complaints continue to increase, having customers wait longer to get their complaints sorted and many businesses causing more excuses for delays.
The FOS advises businesses to show real commitment with better customer service and handling of complaints by actively engaging with the Ombudsman.
PPI receives an average of £3000 in compensation if the customer’s claim is successful. In some cases, customers receive more due to compound interests that have gained momentum for years.




