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FOS stats - PPI complaints rise but uphold rate drops significantly
dunstonh
Posts: 120,179 Forumite
http://www.moneymarketing.co.uk/regulation/renewed-surge-in-fos-ppi-complaints/1044500.article
Complaints on PPI "surge" by 60%. However, the uphold rate at the FOS drops from 92% to 68%.
The drop in the uphold rate suggests that genuine complaints are starting to be upheld without the need for the FOS and/or the FOS are starting to see more opportunistic complaints with no basis for complaint (some claims companies refer your complaint to the FOS even if you have no grounds for complaint).
Based on very little information, it does indicate that it may not be as easy going forward for people with opportunistic complaints to get their case upheld. Whereas those with genuine complaints should find it easier than in past. Of course, that is a generalisation and there will always be exceptions.
The drop in uphold rate form 92% for 68% is a big change though. The increase in complaints is not a surprise though as recent stats published by the FOS indicate that claims companies have been more active in complaint generation. It is possible that the increase in complaints generated by claims companies is also responsible in part for the lower success rate.
Complaints on PPI "surge" by 60%. However, the uphold rate at the FOS drops from 92% to 68%.
The drop in the uphold rate suggests that genuine complaints are starting to be upheld without the need for the FOS and/or the FOS are starting to see more opportunistic complaints with no basis for complaint (some claims companies refer your complaint to the FOS even if you have no grounds for complaint).
Based on very little information, it does indicate that it may not be as easy going forward for people with opportunistic complaints to get their case upheld. Whereas those with genuine complaints should find it easier than in past. Of course, that is a generalisation and there will always be exceptions.
The drop in uphold rate form 92% for 68% is a big change though. The increase in complaints is not a surprise though as recent stats published by the FOS indicate that claims companies have been more active in complaint generation. It is possible that the increase in complaints generated by claims companies is also responsible in part for the lower success rate.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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