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PPI bank complaints reach 1,500 a day

Ombudsman receives 85,000 in first six months of 2012

The Financial Ombudsman Service

The Financial Ombudsman Service has revealed that it has received more than 85,000 complaints about the way banks have dealt with PPI claims.

Despite pressure from government and promises to tackle PPI mis-selling claims, the major banks are failing to provide redress to thousands of customers. 

Official figures from the Financial Ombudsman Service (FOS) show that PPI complaints were up 75% in the first six months of the year and accounted for 63% of all complaints the ombudsman dealt with over that period. 

Barclays and Lloyds top PPI complaints

Barclays attracted the most PPI complaints, with 19,522 lodged by consumers with the FOS. Lloyds TSB was the subject of 9,493 PPI complaints. 

The FOS has a strong record of upholding consumer complaints against PPI providers, finding in favour of the complainant in eight out of 10 cases.

Claims management companies avoided

The FOS has noted that more people are shunning claims management companies in favour of taking forward their own PPI claims. 

Chief executive and chief ombudsman Natalie Ceeney said: ‘We’ve also seen an increasing shift towards consumers doing it themselves rather than using a claims manager – with up to half of all new complaints now coming directly from consumers without paid-for representation, compared to less than 20% a year ago.’

Claim back PPI premiums

Claims management companies typically take a considerable cut of any money paid back to victims of PPI mis-selling, often up to 25%. Which? encourages consumers to take matters into their own hands rather than employ third-parties to act for them. You can use the Which? PPI claim-back tool to get the process going. 

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