PPI – new eye-boggling numbers
By any stretch of the imagination a 140% increase in the payment protection insurance (PPI) workload of the Financial Ombudsman Service (FOS) is news.
In the year to 31 March 2013 the FOS received 378,699 new PPI complaints - 74% of its total workload - up from 157,716 the year before.
However, for brokers who have long complained that they are being treated like a fruit machine stuck on "pay-out jackpot mode" there was a glimmer of good news.
In its annual review the FOS stated: "Towards the
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