PPI accounts for over half of financial complaintsMore than ninety-thousand PPI complaints in the last six months
23 February 2016
The release of the latest Financial ombudsman complaints data reveals 92,667 new payment protection insurance (PPI) complaints were made in the last six months of 2015.
The figures published today show that the Financial Ombudsman Service (FOS) took on a total of 164,347 new cases in the second half of 2015.
Complaints about PPI made up 56% of new complaints – with 92,667 new PPI complaints.
Making a financial complaint can be a tricky business - use our guide help you know why and when to take your financial complaint to the Financial Ombudsman Service.
PPI cases at higher level than expected
Chief ombudsman Caroline Wayman said: ‘Complaints about PPI still continue to make up over half of our [FOS] workload. During 2015, PPI complaints finally began to approach stable levels – but we’re still seeing the volume of cases at a much higher level than many people expected.
‘There are many factors that can influence the complaints we see, from fluctuations in the stock market to extreme weather conditions - and more people knowing their rights when things go wrong.
‘That’s why I believe it’s important that we continue to find new ways to work so we can resolve complaints quickly, while sharing our knowledge so businesses can avoid the ‘big claims issues’ of the past.
The PPI time bar
Last October the Financial Conduct Authority (FCA) announced that it’s considering a deadline of spring 2018 for people to issue a claim.
The impending imposition of this time bar may have prompted many more bank customers to check whether they're entitled to claim PPI compensation.
The big five banks have now set aside £26.7bn for PPI compensation. The knock on effect of this is that anyone who thinks they’ve been mis-sold PPI should claim compensation before spring 2018 or lose the opportunity for good.
Which? has helped more than 60,000 people issue a PPI compensation claim with our free PPI claim tool and template letters on our Consumer Rights website.
Other financial complaints
For complaints about financial products other than PPI, the number decreased by 10% to 71,663. This reflects a downward trend in some areas such as packaged bank accounts, mortgages and pensions, as the end of the year approached.
More than one in two complaints taken to the FOS by consumers were successful, the average uphold rate over the six month period was 53%.