The Financial Ombudsman Service (FOS) is forecasting that there may be significant delays in their capacity to deal with consumers seeking redress for mis-sold payment protection insurance. Some may have to wait up to 2 years with the best case scenario extending a delay to between 9 and 12 months.
The delays have been compounded by the heavy work FOS have been put under, in part because of the high rate of adjudication that falls in favour of the consumer which has led to a greater number of applications for intervention. The financial services authorities have also significantly underestimated the extent of PPI mis-selling. The other factor that will add to the delay, is the current unwillingness by banks to enter into communication over any claims for PPI mis-selling.
In an attempt to mitigate the significant delay in making a successful claim for PPI compensation, FOS has expanded their workforce and have recruited 300 new staff to deal with the backlog.
Here at PPI Return, we have continued to experience a growing and sustained demand for our services as consumers approach us to reclaim their mis-sold PPI. We are exceedingly well equipped with highly trained PPI claims specialists ready to champion reclaiming mis-sold PPI.
We would like to hear from anyone who believes that they may have been mis-sold PPI and can be contacted on 0800 877 8888. For those who are happy to fulfil basic details, we also offer a 60 Second PPI Claim Test which allows visitors to check if they are eligible to make a claim. In terms of the PPI compensation you may be entitled to, we also offer a PPI Claims Calculator that can provide and estimated lump sum compensation you may be entitled to.
