The ten worst offending payment protection insurance (PPI) mis-selling firms could face costs of over £55m to enable regulators to deal with the problem.
As part of its increasingly heavy workload from PPI the Financial Ombudsman Service (FOS) is attempting to crackdown on the biggest offenders in the industry as complaints continue to rise. Complaints received by FOS relating to the mis-selling scandal in 2011 have outstripped predictions by doubling initial estimates and the organisation is expecting around 165,000 cases in 2012. Under plans released by the regulator for its 2012/13 funding requirements a £350 fee for each PPI case it deals with would be levied on all firms with more than 25 cases. At present FOS figures are only ...
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