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PPI tops list of complaints about financial products

PPI tops list of complaints about financial products

PPI tops list of complaints about financial products The number of complaints about banks, insurers and other financial businesses rose slightly to 169,132 in the first half of 2016, according to the UK’s Financial Ombudsman Service (FOS).
 
Payment protection insurance (PPI) still topped customers’ list of gripes about financial products, accounting for 54% of all new cases or 91,381, Reuters reported. The figure was lower, however, when compared with the previous six months.
 
According to the report, complaints about other financial products increased by 8% to 77,751, with complaints about payday loans more than tripling from 1,213 to 4,186.
 
The regulator said on average, 48% of complaints were found in consumers’ favour, down from 57% in the second half of 2015. Across individual businesses, the uphold rate ranged from 3% to 92%.
 
Chief ombudsman Caroline Wayman said the number of complaints is steadying, with PPI complaints peaking several years ago.
 
She added, however, that PPI complaints still continue to be a major challenge.
 
“Although it is a few years now since PPI complaints peaked, we have been receiving over 3,000 a week for six years running - despite wider expectations that numbers will fall,” BBC quoted Wayman as saying.
 
“We are continuing to deal with the issues and uncertainties around PPI which remain a significant challenge for everyone involved,” she also said.
 

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