UK banks expected to set aside hundreds of millions of pounds more to compensate customers despite drop in numbers
The Financial Ombudsman Service is starting to see a decline in the number of complaints about mis-sold payment protection insurance (PPI) but levels remain very high, according to chief financial ombudsman Natalie Ceeney.
Britain's biggest banks are expected to say this week that they need to set aside hundreds of millions of pounds more to compensate customers, but Ceeney's comments will raise their hopes that the worst is behind them. The industry has already set aside more than £14bn to compensate customers mis-sold PPI policies, which were designed to protect borrowers in the event of sickness or unemployment but were often sold to those who would have been ineligible.
Ceeney said the ombudsman, which steps in when customers and banks cannot reach an agreement, is now receiving 2,000 new cases every working day compared with 3,000 at its peak six months ago.
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