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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

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 It is now over 6 months old so the content may be out of date.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

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