Just 10 per cent of policies have resulted in PPI compensation claims

10 July 2013

For anyone thinking that the PPI scandal is on the wane, recent news from the Financial Ombudsman Service (FOS) about the percentage of PPI compensation claims is pause for thought:

Just 10% of PPI policies have so far resulted in a PPI compensation claim!

 

With all the noise and news about the biggest mis-selling scandal in British history it is on the surface very surprising that all the people out there who have been sold PPI have not raced to check whether they are one of the majority of policy holders past or present who can make a request for a PPI compensation claim.

When you consider the rumblings from the big banks about the fact that people are putting in dodgy claims, the lack of PPI compensation claims starts to make sense though. Another interesting snippet shared by the head of the Financial Ombudsman Service was that just 3% of PPI compensation requests have been found to be fraudulent, significantly reducing the argument of the big banks that claims management companies are driving consumers to try and reclaim PPI when they don’t have a case.

We’re a bit shocked that that banks are apparently trying it on – again – after having tried it on so horribly with the incorrect and unfair sale of PPI policies in the first place. The Financial Ombudsman Service gets involved if and when consumers reach deadlock in trying to resolve things directly with their financial services company. Therefore this is probably not the whole story.

Have you been denied a PPI compensation claim by your bank? Did you take it up with the FOS? Whatever stage you’re at, and whatever problem you’re having, we can put you in touch with a reputable company that can help you get back what’s yours. Don’t become one of the statistics, become one of the millions that have successfully made a PPI compensation claim. Fill out the quick and easy form on our site and we’ll get on the case for you straight away.