Hundreds of thousands of individuals who have been mis-sold payment protection insurance could be offered compensation if companies follow new rules laid out by the Financial Services Authority on Tuesday.
More than 21,400 complaints have been lodged over controversial payment protection insurance since April, according to the Financial Ombudsman Service (FOS), which has received a total of 114,478 complaints over PPI in the last five years.
The latest figures come as the Financial Services Authority (FSA) confirmed reforms to protect consumers in what has become one of the UK’s biggest mis-selling scandals of recent years.
The FSA said the measures - which come into force on December 1 - were designed to “mend a market that has been broken for too long”. It said the measures are designed to ensure customers are treated more fairly when complaining about PPI and should help them to receive better information when buying the product.
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