Penalty will apply to companies with more than 25 cases

The Financial Ombudsman Service (FOS) is planning to introduce a £350 surcharge for each case of mis-sold payment protection insurance (PPI).

If implemented, the charge will apply to companies that have more than 25 cases. It will come on top of an existing £500-per-case charge.

The charge is being proposed to cope with the costs of handling the rising number of PPI mis-selling cases. The FOS reported in a newsletter in November that it had started receiving 3,000 new complaints a week.

Large banks, including Lloyds, The Royal Bank of Scotland and Santander, last year set aside billions of pounds to compensate disgruntled PPI customers.

The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.

Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.

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