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25 Oct 17

PPI Complaints rise 24% in six months

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Payment Protection Insurance (PPI) continues to be the most complained about financial product, accounting for a third of all complaints recorded by firms in the first half of 2017. The Financial Conduct Authority (FCA) announced that the total number of PPI complaints increased by 24% in the first half of the year. According to BBC News:

“PPI complaints totalled 1.11million, compared with 899,000 in the second half of 2016.”

The rise happened even before the FCA announced a complaints deadline for PPI.

It is estimated that 64million PPI policies were sold by means of Credit Card and Mortgage Providers. However, according to This is Money:

“Just 24million of the 64million policies have been dealt with so far.”

Banks have set aside £37billion to cover the cost of investigation and compensation with £27billion being paid out so far.

 

 

Sources:

www.bbc.co.uk: PPI complaints rise 24% in six months, says FCA – 23/10/17
http://www.bbc.co.uk/news/business-41720734

www.FCA.org.uk:3.32 million complaints about financial services in the first sixth moments of 2017 – 23/10/17
https://www.fca.org.uk/news/press-releases/new-fca-complaints-data-3-32-million-complaints-about-financial-services-first-six-months-2017

www.thisismoney.co.uk: Banks face soaring PPI claim costs as watchdog’s Arnie ad urges millions to file complaints before 2019 deadline – 29/08/2017
http://www.thisismoney.co.uk/money/news/article-4833752/Banks-PPI-mis-selling-costs-DOUBLE.html

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