PPI complaints set to double - Banking - News - Moneyfacts

News

Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

PPI complaints set to double

PPI complaints set to double

Category: Banking

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

MONEYFACTS ARCHIVE
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 It is now over 6 months old so the content may be out of date.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."

What Next?

Find the best financial information for you -Compare Financial Solutions

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 Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Debit card spending still leads the way

Many of us turn to plastic at the tills these days, particularly as contactless technology makes it easier than ever before. It’s little wonder that card spending continues to ramp up – and it’s debit card spending that’s leading the way.

Current account switching to be made even easier

It was announced today that the Current Account Switch Service (CASS) will be undergoing improvements that are to be implemented in a year’s time. This should help give more customers and businesses the confidence to switch to a better bank account.

A quarter of all card payments now contactless

The rise of contactless payments shows no signs of stopping, with new milestones being hit on a seemingly monthly basis. Well, another one has arrived, with new data showing that a quarter of all card payments are now made via contactless means.
 
Close