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The FSA brought up a report recently regarding mis-sold ppi to homeowners for the first six months of 2010.  The number of complaints dramatically rose from 2009 to more than 20,000 complaints of mis-sold PPI in 2010.  In their investigation, FSA found out that many people that were being sold this cover in the past were not even eligible to make a claim.  People were being told that they had to take out a PPI policy to get their loans approved, and some were having this insurance policy cost added on top of their finances without even knowing about it.

Since complaints are still increasing these days, the FSA announced that PPI policies can no longer be sold alongside financial products, such as loans and credit cards.  Despite of this announcement, mis-sold PPI complaints are still increasing and dominate the financial complaints sector.  In the recent report, the FSA already has taken action against more than twenty financial firms for mis-sold PPIs to somehow cut down complaints.

It is expected that the workload of FOS regarding mis-sold PPI complaints will continue to rise in the future since a lot of financial firms are still encouraging their customers to buy a PPI   policy.

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