PPI claims soar to new highs - Banking - News - Moneyfacts


PPI claims soar to new highs

PPI claims soar to new highs

Category: Banking

Updated: 04/09/2013
First Published: 04/09/2013

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The Financial Ombudsman Service (FOS) received a record number of mis-sold Payment Protection Insurance (PPI) complaints in the first six months of this year.

Overall, complaints about financial institutions rose 15% over the first half of 2013 – to 327,035 new complaints.

More than eight in ten (86%) of these complaints were in reference to mis-sold PPI - a 26% increase compared to the last six months of 2012.

Banks continued to be the most-complained about institutions.

Bank of Scotland (part of the Lloyds Banking Group) topped the table, with the ombudsman receiving 61,664 complaints about the bank - a significant increase on the 34,434 received in the last six months of 2012. Eighty-seven percent of these cases were found to be in the customer's favour.

Lloyds TSB was in second spot, with 59,753 complaints, up from 42,195 last year. Ninety percent of the complaints were upheld.

Then came Barclays (43,612 complaints), MBNA (15,187) and HSBC (14,869).

Chief ombudsman Natalie Ceeney said that it was disappointing that the FOS was still seeing cases where banks weren't following the correct procedures when it came to PPI, "resulting in long waits and unnecessary delays for customers".

Following release of the results, the Financial Conduct Authority announced it will be investigating complaints handling at the UK's major financial institutions.

What next?

How to independently claim back mis-sold PPI
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Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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