Forecasts show that PPI claims payouts could boost the UK economy by at least £6 billion in 2013. With a big increase in claims case handlers, this means more jobs and quicker payouts.
The economy is set to see a £6bn-plus boost in 2013 alone, when compensation for PPI mis-selling is paid back to customers across the UK.
Banks are said to have set aside over £10bn to cover costs associated with giving compensation payouts to their customers. It is estimated that 2013 will have a record number payouts from banks settling PPI claims, with the Financial Ombudsman Service (FOS) saying they expect to settle over three times as many cases than in previous years.
The FSO is aiming to resolve 245,000 PPI cases from 2013, compared to 90,000 in the 2011/12 financial year. By increasing their case fees to banks, the FSO plans to take on an additional 1,000 case workers to handle complaint case resolutions.
With forecasts estimating an 250,000 additional PPI cases will be filed this year, there will be a large demand across the financial sector for eligible candidates to fill roles to support the claims process. This increase will help process claims more quickly, allowing customers receive their payouts promptly.