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Significant rise in financial service complaints

Significant rise in financial service complaints

Category: Banking

Updated: 27/09/2012
First Published: 27/09/2012

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 It is now over 6 months old so the content may be out of date.

Customer grievances within the financial services sector rose by 59% during the first six months of this year, driven largely by a surge of payment protection insurance (PPI) complaints.

According to the Financial Services Authority (FSA),, a total of 2,232,294 complaints regarding PPI were recorded during the first half of 2012, rising by a massive 129%.

Such high levels of complaints are swamping financial institutions which face an average of 19,550 complaints a day.

Banks dealt with over 800,000 complaints over the six month period, a 5% rise compared with the previous period, with the majority of complaints relating to savings, loans and credit cards.

Financial companies have suffered greatly as a result of miss-selling PPI to customers. Compensation, running into billions of pounds, has been awarded to affected customers, who were persuaded to take out cover for mortgage, loan and credit card products despite it not being required.

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