The Financial Ombudsman Service has increased its staff numbers by 25 per cent over the last year under the weight of payment protection insurance misselling with plans to keep hiring if complaints continue at current levels.
In the last year it has recruited 500 more staff to deal exclusively with PPI claims, bringing its total workforce to 2,500.
A FOS spokeswoman says: “If we continue to receive PPI claims at the same volume we are seeing then it is not unrealistic that at the some point in the next year we can upsize again.
In its ombudsman news, FOS chief executive Natalie Ceeney says it has “scaled up significantly” to keep pace with demand.
She says: “We’ve now received half a million complaints in total about PPI – and so far this year we’ve handled double the number of cases that we had geared up to receive, following public consultation last year.
“Whatever happens, clearly PPI – on top of a growing caseload in other areas – will present us with some major challenges for some time to come.”
Ceeney adds: “We deal with many cases which should already have been sorted out by financial businesses. It is therefore disappointing that we have had to expand so significantly – and our growth is itself an illustration of some of the problems in the industry.”