PPI complaints set to double - Banking - News - Moneyfacts


PPI complaints set to double

PPI complaints set to double

Category: Banking

Updated: 11/10/2012
First Published: 11/10/2012

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 It is now over 6 months old so the content may be out of date.

Complaints relating to miss-sold payment protection insurance (PPI) are expected to be double the figure initially predicted for this year, according to the Financial Ombudsman Service (FOS).

The FOS has been inundated with grievances from those affected by miss-sold PPI, with nearly 100,000 PPI complaints received in the first six months of this year.

Between July and September a staggering 66,882 complaints were logged, far exceeding the 32,445 complaints received during the first quarter of this year.

The sheer volume of complaints reflects the fact that the miss-selling of PPI is the biggest scandal to hit the banking industry.

It is thought that the FOS logs an average of 1,500 new PPI complaints every day.

Natalie Ceeney, chief ombudsman, said: "As the banks face up to record levels of complaints, the ombudsman has geared up to deal with the ever-increasing fallout that consumers are facing.

"But with the ombudsman receiving 100,000 PPI complaints in the last six months alone, it's clear that unless the banks sort out their complaints quickly and fairly, consumers will only face longer waits for justice."

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