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


PPI complaints reach 400,000

PPI complaints reach 400,000

Category: Insurance

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

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 It is now over 6 months old so the content may be out of date.

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.

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 Any products featured may be withdrawn by their provider or changed at any time.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

£2,833: the cost of a burglary

A while ago, a local newspaper featured a story of a burglary that saw thieves come in through the attic – an unusual sight. What most stories on burglary don’t feature, however, is the cost to the victims: a £2,833 bill.

Another insurance tax rise hits our wallets

At the beginning of this month a new rate of insurance premium tax came into effect, meaning it now stands at 10%, up from 9.5%. The ABI has called this a “raid on the responsible”, but what does it mean for you?

Students leaving home with £2K in belongings

Students nowadays leave for university with a lot more high-tech gadgets than they used to, resulting in an average £1,896 worth of property which could be dangerously under-protected.