Whenever the complaints regarding PPI claims are not taken care of by the lenders or the concerned financial organisation, the mis-sold buyers approach an independent body that we all know as the Financial Ombudsman Services (FOS). It is the ultimate problem-solver between the lender and the buyer of PPI policy. In the past few years, as the number of PPI complaints have increased exponentially, the number of complaints coming to the Ombudsman has also increased to a great extent.
FOS has always denoted most of its time just in solving cases relating to mis-sold PPI, and this year seems to be no different. According to reports, the Ombudsman has declared to solve around 360,000 PPI cases in the current year. This is more than double the number of cases that were solved in the previous year. Further, there are new PPI complaints getting registered every single day. it is estimated that there are going to be a quarter million new cases regarding PPI that would be referred to the Ombudsman.
Since a long time, there is a lingering uncertainty about the PPI deadline which is being discussed by the Financial Conduct Authority (FCA). This, along with the intriguing Plevin v/s Paragon Personal Finance case can be the major reasons why these estimates might become inflated. Caroline Wayman, the Chief Ombudsman has declared that along with the current operations, they are also trying to plan for the next financial year as the problems regarding PPI (which is the most significant issue dealt by the Ombudsman) can be uncertain and erratic. It was also claimed that they will try and give quick answers to the customers’ problems and help them solve their problems as soon as possible.
There might be times when FOS is not absolutely approachable due to the overload of cases. In response to this, they have clarified saying that they have been trying to work harder and finishing tasks before time so that they can be more approachable in the future. The Ombudsman has also said that their current manpower is not sufficient to solve all the PPI cases on time. Since April 2007, FOS has received more than 1.6 million complaints regarding PPI. The plethora of cases reached its peak in 2012, when there were more than 12,000 complaints registered every week! Hence, they are planning to increase their workforce to quicken the problem-solving.
Thus, the Ombudsman has estimated to solve much more PPI cases this year than they ever have. They have been constantly working to achieve the seemingly impossible target and doing all they can to make sure that the mis-sold customers receive what is rightfully theirs.