PPI: Building Societies “bombarded” by fake claims

New figures show just how many people are making bogus PPI claims. The Building Societies Association (BSA) say that their eight largest members received 22,441 fake claims in the six months to the end of April this year. Shockingly these were cases where the claimant never even bought PPI from the building society they were claiming from. The BSA figures echo those from the Financial Ombudsman who said that 6,000 people submitted false PPI claims in 2011. If the BSA statistics are correct it seems as though the problem is getting worse, wasting valuable time and manpower at the building societies affected. Lloyds ...

Complaints to the Financial Ombudsman Service double

New figures published by the Financial Ombudsman Services (FOS) have shown a dramatic increase in the number of complaints they have received over the past quarter. Around 70% of the complaints received by FOS over the past three months have been in relation to Payment Protection Insurance (PPI), sold to cover loans and credit card repayments in the event of illness or unemployment. During this period the number of complaints received by FOS in respect of PPI mis-selling averaged more than 900 per day, this period saw the High Court decision and judicial review on PPI and the decision by the British ...