PPI complaints reach 400,000 - Insurance - News - Moneyfacts

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PPI complaints reach 400,000

PPI complaints reach 400,000

Category: Insurance

Updated: 15/08/2012
First Published: 15/08/2012

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The number of people complaining about mis-sold payment protection insurance (PPI) has reached 400,000.

Over half of complaints received by the Financial Ombudsman Service, where a resolution cannot be made between the customer and financial institution, relate to PPI.

According to the Ombudsman, up to 1,500 cases are received each day at double the level initially forecast.

Millions of customers were sold payment cover for mortgage, loan and credit card products by financial institutions, without making adequate checks as to whether they actually required or could afford it.

As a result banks have been ordered to pay out £9 billion in compensation to affected customers.

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 Any products featured may be withdrawn by their provider or changed at any time.

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