PPI complaints still reach 5,000 a week
While that equates to up to 5,000 a week, it was still a reduction of more than half compared to around 132,000 the previous year.
The number of complaints upheld in the consumer's favour also fell from 78% to 61% over the same period.
The nature of PPI complaints received is said to be changing, however. Interim chief ombudsman Tony Boorman said: "Increasingly, we are asked to step in at a later stage - in cases where the settlement, not the mis-sale, is the point of dispute."
The FOS gave several examples of where cases had been upheld and included situations whereby consumers had told us that they wanted PPI alongside mortgages but were concerned that the policy they were sold wouldn't have ever paid out due to pre-existing medical conditions or circumstances relating to self-employment.
Behind PPI complaints in the Ombudsman's latest data were concerns regarding current accounts, though at just over 3,500 during the three-month period, they were still a drop in the ocean compared to PPI.
The amount of current account complaints was a few hundred down on the same quarter a year earlier but the number upheld in the consumer's favour rose from 31% to 35%.
The area in which most complaints were upheld was card protection insurance, whereby 80% of the time the FOS sided with the complainant. However, the ombudsman only received 381 during the quarter, down 545 from the previous year.
Overall, the number of complaints received by the ombudsman between April and June 2014 was 85,184, down significantly from 159,197 a year earlier.
Payment protection insurance is designed to cover you should you fall ill, have an accident or lose your job and can’t make repayments on loans or credit cards. However, research by consumer watchdogs found the cover to be overpriced, filled with exclusions (policies exclude self-employment, contract employees and pre-existing medical conditions) and were often mis-sold because the exclusions were never fully explained. In May 2011, the High Court ruled banks had knowingly mis-sold PPI and ordered them to compensate around two million consumers.
If you’ve have a complaint about a financial service product you have bought but the company you bought it from refuses to resolve your problem after eight weeks, the Ombudsman can help. The Ombudsman will investigate and resolve the matter. The Ombudsman is independent and its service is free to consumers. The Ombudsman may find in the company’s favour but consumers don’t have accept its decision and are always free to go to court instead. But if they do accept an Ombudsman’s decision, it is binding both on them and on the business.
An account opened with a clearing bank (few building societies offer current accounts) that provides the ability to draw cash (usually via a debit card) or cheques from the account. Some pay fairly minimal rates of interest if the account is in credit. Most current accounts insist your monthly income (salary or pension) is paid directly in each month and they offer a number of optional services – such as overdrafts and charge cards – which are negotiable but will incur fees.