PPI complaints take FOS caseload to new level
The number of Financial Ombudsman Service (FOS) insurance disputes has increased by 38% largely due to a surge in complaints about payment protection insurance (PPI).
The FOS resolved a record total of 166,321 disputes in 2009/10 - a 46% annual increase - resulting in compensation for consumers in 50% of cases.
PPI accounted for three out of every 10 new cases referred, a 58% increase on the previous year following a three-fold increase the year before that.
General insurers were the second most complained about sector with 11% of cases, trailing behind banks, which had 61%, while general insurance intermediaries had 8%.
The FOS said 70% of PPI complaints
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