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.
www.FCA.org.uk:3.32 million complaints about financial services in the first sixth moments of 2017 – 23/10/17
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