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.
In its ombudsman news, FOS chief executive Natalie Ceeney says it has “scaled up significantly” to keep pace with demand.
She says: “We’ve now received half a million complaints in total about PPI – and so far this year we’ve handled double the number of cases that we had geared up to receive, following public consultation last year.”
But she says that if you consider the scale of the problem – about 35 million PPI policies are estimated to have been sold and, so far just under 5 million complaints made to businesses with just 10 per cent of those then ending up with the FOS – it’s unsurprising that the clean-up operation is taking so long and that a lot of resource will need to be allocated to it.
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.”