PPI complaints top one million mark confirms Financial Ombudsman

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PPI complaints top one million mark confirms Financial Ombudsman

Lifetime news

Posted on: 23/10/2013

The Financial Ombudsman Service (FOS) has now received over one million complaints about payment protection insurance (PPI), with the majority of them being in relation to the mis-selling of policies.

The Ombudsman has revealed that in the second quarter of this financial year, from July to September, it received 115,247 new complaints about PPI.

That means the FOS remain well on track to beat last year’s total figure (378,669 PPI complaints).

In the first half of 2013-14 it has already had 247,399, a 149% increase on the same six month period last year.

According to the Ombudsman’s statistics, PPI now accounts for 81% of all complaints.

The half year total for complaints over car and motorcycle insurance is 3,574, in line with the 7,785 received the year before.

The situation is similar for buildings insurance. Currently that figure for this year is 2,075 (the full year rate for 2012-13 was 4,611.

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