Since the Judicial Review found in favour of the consumer the number of PPI complaints to the FSO has soared.
Lloyds Bank accounts for 37,000 of these which is twice that of the other banks.
Natalie Ceeney, chief executive and chief ombudsman, said: “These latest figures show a significant increase in the number of new PPI complaints. This period coincided with the time when most of the high street banks and some other financial businesses had put PPI complaints on hold, because of their legal challenge against the ombudsman service and FSA.
“As a result, complaints in this period about PPI were harder fought, and harder to resolve – particularly if we found in favour of a consumer.”
The FOS expects the number of new PPI cases to be bought against banks to continue to rise as the banks have re-opened cases that were previously put on hold.
What Does This Mean For Your PPI Claim?
If you have previously had your complaint turned down by your bank you must write to them again. They are much more likely to be responsive this time. You can use a template letter or use a good claims management company if you want to save time although you will need to pay for the service as they won’t do it for free. Most charge 20% of your refund. If you get no joy from your bank join the queue of people waiting for the FSO to uphold the complaint and add your complaint to the growing numbers of complaints to the FSO.