PPI News
Insurance Compliance - Regulatory Compliance
Insurance Compliance News Banks still breaking the rules on PPI complaints says watchdog
Banks and other insurance sellers are still failing to handle payment protection insurance (PPI)complaints properly, says the Financial Ombudsman.
Earlier this year, the banking industry had predicted the number of PPI complaints would fall to 25,000.
But the Ombudsman says complaints have reached record levels with 45,000 complaints expected - up a staggering 45 per cent on last year.
The disputes arbitrator the Financial Ombudsman Service (FOS) says it is deluged with 800 complaints a week over the controversial product.
Submitted by Daily Mail on Wednesday 23rd December 2009