PPI complaints hit FOS budget
The Financial Ombudsman Service (FOS) has published for public consultation its proposed budget for the next financial year (2011/2012) – together with an update on the numbers and workload for the current financial year (2010/2011).
The budget set out how the ombudsman service planned to deal with a potentially volatile caseload of between 152,000 and 208,000 cases in 2011/2012. This compares with the 180,000 consumer complaints that the ombudsman expected to resolve in the current financial year.
The FOS said the volatility in complaint numbers had been largely driven by cases involving payment protection insurance (PPI).
It claimed that so far this year the volume of PPI complaints had been significantly higher than
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