PPI | Income Protection Insurance | Payment Protection Insurance

40% increase in PPI complaints

The Financial Ombudsman has forecasted that the volume of PPI cases for 2010-11 will be around 68,000 against the budgeted number of 46,000. The increase in the number of complaints means the Financial Ombudsman inspite of expanding its team at a cost of £2million and using contractors to help deal with the cases, will be able to resolve only 180,000 cases during the current financial year, a drop of 15% from the 210,000 that was originally predicted.

The Financial Ombudsman spokesman also said that its reserves have reduced significantly after a 40% jump in the number of PPI complaints. It said it would end the year with a deficit of almost £ 8 Million which would be met of its reserves. 

Kesh Thukaram, Director of Best Insurance commented that the greed of some bankers and high incentives it paid to its sales people has led to so many people unnecessarily buying protection products they don't need and policies that do not cover all the risks. In the current climate of high unemployment uncertainty, it is almost an imperative for people who do not have sufficient savings to have a good income protection or mortgage protection policy. He urged the customers not to be put off by waiting periods of the Financial Ombudsman, review their existing policies they have bought from a bank that was sold along with the loan and take necessary steps to protect themselves.

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