The Financial Services Authority’s (FSA) latest round of complaints data on individual financial businesses has revealed a 63% increase in the number of Payment Protection Insurance (PPI) complaints.
Included in the ‘general insurance and pure protection’ figures, the total number of complaints about PPI leapt to 434,596 in the last six months of 2010. The first six months of last year saw 266,685 PPI complaints made.
The overall number of complaints made to the regulator increased by 3% in 2010, to 1,795,182. Meanwhile, complaints specifically about PPI came second only to those made about banking.
Which? Chief Executive Peter Vicary-Smith commented: ‘A 63% increase in the number of PPI complaints shows the widespread mis-selling that’s been going on for years. With almost half a million PPI complaints made in six months, the industry has to stop trying to wriggle out of its responsibility to customers.
‘When bonus structures reward staff for selling products which may be unsuitable, is it any wonder that we’ve been left with this mess? We really need bonus schemes that are linked to the fair resolution of complaints.’
Claim back PPI premiums
Financial product providers have eight weeks to deal with a complaint you make to them, after which you can go to the Financial Ombudsman Service (FOS) for redress. 89% of people who have taken a PPI compliant to FOS have had it upheld in their favour.
Which? has been at the forefront of campaigning to see an end to poor value financial protection products – in particular PPI.
We believe that even more people could claim back money they have spent on mis-sold PPI policies. Use our PPI complaints tool start your claim, and read our PPI guide for more advice – as well as tips on how to work out if you’ve been mis-sold this insurance.
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