A recent report from the Financial Ombudsman shows 86% of all new complaints made to it in the first 6 months of 2013 were in relation to the mis-selling of PPI. In real terms that meant 226,228 complaints January – July 2013, the highest number ever recorded.
Whilst the PPI scandal is not new, the report does show there remains a significant number of people who are either making new enquiries as to how to deal with a potential PPI claim or a significant number of people are not happy how their PPI claim is being dealt with.
We know the banking industry has set aside more than £18.6bn to cover the costs of the PPI claims (reported by Which?) but clearly there may be further sums required if the number of new claims continues to increase.
I say the banks are getting better at dealing with PPI as they have moved from resisting claims initially to openly writing to some customers to notify the customer of a potential claim. The issue was discussed during a BBC Radio 5 Live broadcast as part of which I featured as the independent lawyer and commentator on the subject.
It remains to be seen how the PPI scandal will play out but it is clear from the statistics reported upon at the mid-point of this year the saga is not over.