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PPI Claims Near 6000

Contractor Weekly recently reported on a growing trend of false PPI claims, and figures this week suggest that the number of attempts to cash in is nearing the 6,000 mark.

The Financial Ombudsman reported a 28% rise in the number of PPI claims in this financial year compared to that of 2010-2011.

The figure raises controversy as claims management companies have been accused of attempts to exploit major banks, most notably by recently appointed head of Lloyds Bank, Antonio Horta-Osório.

Reportedly 4% of all PPI claims are deliberate attempts at exploiting the system and banks have been on the lookout for such false claims.

There have been a growing number of claims management companies encouraging customers to check whether they may be entitled to PPI refunds. However banks and consumer groups alike are warning that many of these companies are misleading the public.

In other news that was also recently reported by Contractor Weekly, the UK’s rate of inflation has fallen to 3%.

The figure is the lowest since February 2010, and is thought to be due to a slowing down in Transport cost rises.

The figure is a 0.5% drop from the previous figure for March, as reported by the Office of National Statistics.

Chancellor George Osborne has called the drop in inflation a ‘welcome relief’.

By Sean Dudley

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