65% of complaints to Ombudsman about PPI

21 October 2014

Some 88,000 new complaints about financial companies flooded into the Financial Ombudsman Service (FOS) during July, August and September.

The vast majority (57,094) were about payment protection insurance (PPI), accounting for 65% of all complaints, while packaged bank accounts were the next most complained about product (7,115 complaints).

During the three-month period, 49% of PPI complaints were upheld in the consumers' favour, while 42% of packaged account complaints were also upheld.

The next most complained about product was car and motorcycle insurance (1,958 new cases, 35% of which were upheld), followed by mortgages (3,333 new cases, 33% upheld) and credit cards (2,026 new cases, 33% upheld). The financial product with the most upheld complaints was card protection insurance (446 new cases, 88% upheld).

While it still dominates the Ombudsman's workload, the number of complaints about PPI dropped by 50% year on year. For the same period last year, there was 143,177 complaints about the widely mis-sold product.

The figures were revealed in the FOS's latest report, which was published today.

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