Finance

Financial Ombudsman Chief Resigns After FOS Receives Millionth PPI Complaint

Chief Ombudsman Natalie Ceeney resigns after the FOS receives its one millionth complaint in the FOS. Taking on PPI for four years, Chairman of the Ombudsman Nicholas Montagu said that Ceeney felt that it was time to move on. Montagu added that the new set of challenges the Ombudsman faces will be built within the foundations of her leadership.

Natalie Ceeney had criticised the way banks and lenders handled PPI complaints in the last four years. She said that she was greatly disappointed in the way banks and lenders failed to use the example the FOS sets in handling PPI complaints. The mishandling of banks led to the increase of PPI complaints coming in the Financial Ombudsman, who charges lenders £900 for every complaint the FOS receives against their institution.

PPI or payment protection insurance repays your loan or mortgages. However, because of certain exclusions, not everyone is eligible for the insurance. If you were mis sold the insurance, PPI claims specialists such as PPIClaimBackCo, could help you get started on making your PPI claim.

In the first half of 2013 alone, the FOS had handled more than 265,000 PPI complaints. The ombudsman warned that PPI complaints for the last half of 2013 still had a huge number.

Ceeney will be replaced by Tony Boorman, deputy chief ombudsman, until further notice of an official chief ombudsman for the FOS.

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