PPI continues to top financial complaints chart

7 February 2017
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More complaints were made about payment protection insurance (PPI) than any other type of financial product during the last three months of 2016.

Data published by the Financial Ombudsman Service shows that 70,908 complaints were received in the final quarter of the year, with more than half relating to PPI.

A total of 36,065 new PPI cases were opened, representing 51% of all complaints received by the Ombudsman. The next most complained about product was current accounts, with 4,014 new cases between October and December 2016.

PPI was also the most complained about product in the previous three month period, when the Ombudsman opened 42,907 new cases.

The Ombudsman reports that in the fourth quarter of the year, 44% of all PPI complaints were upheld in favour of the consumer, well ahead of the industry average of 37%. Payday loans saw the highest level of upheld complaints at 59%.

Older people were much more likely to have PPI issues, according to the data. For people aged between 46 and 65 PPI made up 71% of all complaints, compared to 2% for those aged under 25.

Other popular topics of complaint in the fourth quarter of 2016 were packaged bank accounts (3,785 new cases), car and motorcycle insurance (2,831), and payday loans (2,529).

Caroline Wayman, chief ombudsman, says: “Although PPI is still by far the issue people complain to us about the most, it barely features at all among younger consumers’ complaints. I very much hope generations to come don’t experience a similar mis-selling scandal.”

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