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.”