PPI most complained about financial product but fewer complaints upheld

Published by Helen Knapman on 15 August 2017.
Last updated on 15 August 2017

PPI most complained about financial product but fewer complaints upheld

Payment protection insurance (PPI) remains the most complained about financial product, according to the Financial Ombudsman Service’s latest data.

The free complaints arbitrator, which consumers can turn to if they have no luck complaining to the firm involved, received 80,234 new complaints between April and June this year.

On average, 35% of complaints resolved during this quarter were upheld in favour of the consumer.  

But PPI still dominates complaints, making up over half of the gripes received, with 42,401 new complaints.

Of these, four in ten (40%) were upheld in favour of consumers compared to over half (57%) over the same period in 2016. 

The Ombudsman says over eight in 10 PPI complaints are submitted by claims management companies, despite consumers being able to complain themselves for free. See the link above for how to do this.  

The latest complaints figures come ahead of a claims deadline imposed by the financial regulator earlier this year, which means anyone mis-sold PPI before 29 August 2019 only has until then to complain.

When it comes to other financial complaints, current accounts were the second most complained about financial product in April, May, and June with 5,229 new complaints and an uphold rate of 27%.

This was followed by car and motorcycle insurance with 3,137 complaints, of which 29% were upheld, and payday loans with 3,126 complaints – of which 68% were upheld.

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