Signs of hope as PPI complaints start to taper
In 51% of cases, the FOS upholds the appeals of customers who believe they were mis-sold financial products
The UK Financial Ombudsman Service (FOS) reported a rise in new cases to a record level of 575,836 over the whole of 2013, with the bulk of new cases made up of customer appeals against decisions on compensating customers who were mis-sold payment protection insurance (PPI). The 2013 total was 38% higher than 2012. The second half of 2013 alone saw 248,801 new cases, down from the total in the first half, but still higher than any period before 2012.
Five companies were the subject of 59% of
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