Natalie Ceeney has been at the helm of the ombudsman for just under four years, seeing it grow three-fold mainly due to the largest mis-selling scandal in history. Payment Protection Insurance was widely mis sold in the banking industry over the last 20 years, with consumers often paying for it without wanting; needing or knowing about it.
The High Court decision of April 2011 put an end to the wide-scale mis-selling and started an expensive period for UK banks and lenders. To date they have set-aside £18bn for refunds and some expect this to rise to around £25bn or even £40bn. Over 1 million people have complained to the Financial Ombudsman (FOS) about PPI with many more complaining directly to their banks beforehand.
80% of people give up on their claim. An investigation by the Times newspaper recently revealed that 80% of people who complain to their bank or lender and are unsuccessful; don’t go on to complain to the FOS. So they could almost double the one million figure.
Speaking in September about bank behaviour, Ms Ceeney said: “During the first six months of this year we sorted out a record number of complaints for people – making real progress in tackling the customer-service fallout from the mis-selling of PPI, widely accepted as the largest financial mis-selling scandal.”
Commenting on the departure of Ms Ceeney, Claims Manager at www.PPICalculatorco.com, Abi Welsh, commented: “It’s a shame to see Natalie Ceeney leave the Ombudsman Service, she was the 1st Lady of the PPI industry and has made great inroads into transforming the way banks behave. I hope her successor is as exacting and passionate as she was.”
Complaints have trebled in just four years. With the FOS handline more than three times the workload it did four years ago (an increase of 150,000 cases to over 500,000 cases a year), Ceeney leaves the Ombudsman with plenty to keep it busy. Until a permanent replacement is found, Tony Boorman, deputy chief ombudsman, will take charge of running the service.
PPI was mis sold alongside loans, mortgages, credit cards, car finance and any type of borrowing. Those who haven’t yet found out if they are owed anything from mis sold PPI can use a PPI calculator company to uncover their potential refund amount. It’s worth doing as the average industry payout is £2,750 per policy and may have more than one mis sold policy.
PPICalculatorCo.com provides UK financial consumers with a free and accurate way to calculate how much they are owed from mis sold PPI. They also manage PPI claims for clients and have refunded over £30m in the last four years. To get a refund calculation or to talk to a PPI claims expert, call 0800 840 7292.
Visit http://www.PPICalculatorCo.com for more information.
Name: John Gregory
Phone: 0800 840 7292