Claims for mis-sold Payment Protection Insurance have been on going for some time now, with total payouts rising into the millions. However, complaints to the Financial Ombudsman Service in connection with this have been much higher than expected. Its total work load is expected to rise by as much as 45%, prompting them to make a recruitment drive for an additional 1000 members of staff.
If you have made a claim and received compensation in for mis-sold PPI, you may need to pay tax on part of your payout. If you received interest on compensation received then this also needs to be disclosed on a self assessment tax return. Some PPI sellers will have already deducted the tax on the interest, but not all do.
If you think this may affect you, please get in touch.