More than two thirds – 67% – of all new complaints to the Financial Ombudsman Service (FOS) were about payment protection insurance (PPI), according to its latest complaints figures.
During the second quarter of this year, FOS – which helps resolve disputes between financial companies and their customers without the need to go to court – received up to 5,000 new PPI complaints per week.
PPI is supposed to cover your debt repayments if you can’t work, but many policies were mis-sold. If you think you have been mis-sold PPI, you can complain straight to your provider using our free PPI tool.
PPI continues to top the complaints that FOS deals with. Since January 2011, a total of £15.1bn has been paid out in PPI compensation.
If you’re not sure if you’ve been mis-sold PPI, we have put together a PPI checklist you can use to see whether you should be looking to claim back.
Complaints about other products made up the remaining third of complaints – including 4% about current accounts, 3% about house mortgages and 3% about packaged bank accounts.
For the period of April, May and June 2014, 85,184 new complaints were referred to FOS.
If you’ve got a financial complaint, find out whether you should be taking it to the financial ombudsman.
Although the total complaints are fewer than received in the same period last year (159,197), these complaint numbers remain 50% higher than in 2012.
The proportion of complaints upheld by FOS in consumers’ favour ranged from 2% (for complaints about State Earnings Related Pension Schemes, or SERPs) to 80% (for complaints about card protection insurance).
If you believe you have been mis-sold a CPP card protection scheme, you can claim the money back – our guide shows you how – but you only have until 30 August 2014 to reclaim your money.