PPI continues to top financial complaints65% of new complaints to FOS are PPI related

21 October 2014

Piggy bank with glasses

PPI is still topping the list of complaints to the Financial Ombudsman Service (FOS) according to new figures released today.

Two thirds of new complaints to FOS during the second quarter of the 2014/15 financial year were about PPI.

Packaged accounts were the second most complained about product with more than 7,000 new complaints received.

Overall so far this financial year, more than half of PPI cases have been upheld in favour of the consumer.

Anyone who has reached deadlock in a dispute with a bank, insurance company or other financial provider can ask FOS for independent arbitration.

If you believe you have been mis-sold PPI, you can use our letter to reclaim PPI for free.

Mortgages complaints increase 

Over the past three years, FOS has seen a steady increase in complaints about mortgages, with 6,335 new cases reported so far this financial year.

FOS are currently finding in favour of the consumer in around a third of the mortgage complaints that they receive.

The increase in mortgage complaints may be related to the economic climate as homeowners examine their expenditure or come to renew mortgage deals, according to FOS.

Typical areas of complaint include disputes over valuations, upfront fees charged where no mortgage is offered, and problems with the administration of the mortgage.

If you have a problem with your mortgage provider, it’s important you complain directly to your provider first. Our guide to how to complain about your mortgage provider can help.

FOS complaints

FOS handled over 157,000 enquiries from consumers wanting guidance and support during the second quarter of this financial year, taking on more than 88,000 new cases in this time

If you have a financial complaint, see our guide to how to take a complaint to the Financial Ombudsman Service.

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