Financial complaints set to hit new heights in 2010
The Financial Ombudsman Service expects to handle a record number of complaints against financial services firms in the coming year. Up to 210,000 complaints are on the cards, a figure up 27% on the last financial year, which in itself was up 44% compared to the year before that.
The most common subject for complaint
is the controversial Payment Protection Insurance (PPI)
, as many consumers feel they have been mis-sold PPI
on everything from credit cards and loans to their mortgages.
PPI covers debt repayments if the holder can’t work because of illness or loses their job. And now with the UK still in the grip of recession, complaints about mis-sold financial services products will soar.
The Ombudsman is also predicting a 55% rise in complaints relating to consumer credit, bringing the total to over 10,000. And a 16% rise in disputes relating to banking is also expected – more than 85,000 people are expected to have a complaint against their bank this year.
If you feel that you have been mis-sold Payment Protection Insurance or mis-sold a loan or credit agreement, you may be able to claim compensation.
Simpson Millar LLP Solicitors will handle your compensation claim for mis-sold PPI or other financial services product on a ‘No win, No fee’ basis. You will keep 100% of the compensation you are entitled to – our costs are covered by the other side. Useful links