View more on these topics

FOS increases staff by 25% after PPI claims surge

FOS

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: “Clearly PPI – on top of a growing caseload in other areas – will present us with some major challenges for some time to come.”

Evolve Financial Planning director Jason Witcombe says: “If they have these PPI inquiries coming in then they have to be dealt with. The only concern is that once PPI goes away what happens to the extra people.”

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com