PPI complaints continue to rise

30 March 2016

Payment Protection Insurance (PPI) remains the most complained about financial product, with complaints rising by 6% between July and December 2015, according to new data.

The Financial Conduct Authority (FCA) says financial services providers received 932,298 complaints about PPI during the second half of last year.

See our guide on How to reclaim PPI premiums

However, the overall number of complaints financial services companies received over the same period fell by 1.4% to 2.11 million.

The FCA says this was mainly driven by a 10% drop in complaints about current accounts and a 15% drop in complaints about savings accounts. Despite this, current accounts were the second most complained about financial product in the period.

See our Current account best buys to get interest of up to 5% and switching bonuses of up to £150.

The five most complained about firms in order were Barclays, Lloyds Bank, Bank of Scotland, NatWest and HSBC.

The total redress paid to consumers between July and December 2015 fell to £1.97 billion, which is slightly lower than the £1.98 billion paid between January and June 2015.

How to complain

If you’ve got a gripe with a financial services provider, you first need to complain to the company involved.

If you don’t get a response within eight weeks, or you’re unhappy with the response you do get, you can take your complaint to the free, independent Financial Ombudsman Service to look into.

Tell us about poor or exceptional service you’ve received by voting in our 2016 Customer Service Awards by 31 March 2016.

There’s a £1,000 cash prize up for grabs as well as five Amazon shopping vouchers of £100 each.

‘Firms still need to do all that they can’

Christopher Woolard, director of strategy and competition at the FCA, says: “It is positive to see that the longer term reduction in the volume of complaints has continued into the latest period. Firms seem to have taken on board our previous feedback on levels of complaints and we are slowly seeing firms address these issues. 

“However, firms still need to do all they can to reduce complaints and ensure that they are working in the best interests of consumers.”


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