FOS mulls budget expansion as PPI claims hit record high
The Financial Ombudsman Service (FOS) has warned that the rate of payment protection insurance (PPI) claims has climbed “steeply” to over 3,000 a week.
The FOS explained in its most recent newsletter that while PPI complaints fell in the previous quarter to September, the situation has reversed to over 3,000 per week in the past two months.
The ombudsman added that it was expecting to see complaint number 300,000 soon.
According to the service, the numbers were "pretty unsettling" and uncertainties around PPI were one of its biggest challenges for the next few years.
Natalie Ceeney, chief executive at the FOS, said the service would be
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