Payment protection insurance remains the product that consumers complains about most to the Financial Ombdusman Service.
Update for 2013 PPI Statistics :
A record 86% of all complaints made to the Financial Ombudsman service is about PPI mis-selling. In the first half of the year a reported 266,228 PPI complaints for mis-selling have been lodged.
PPI complaints show no sign of slowing down. We have recently reported that Barclays was recieving an estimated 1,500 PPI complaints per day ( see article ), The FOS was recieving upwards of 2,000 PPI complaints per day in July (see article)
This backs up the theory that only around 1 in 10 people have actually made a PPI claim based on their mis-sold policy. With figures like these, we can expect to see PPI complaints rising for a while longer.
In July, August and September 2010, PPI accounted for 45% of complaints, with 73% being found in favour of the consumer, compared with 81% the previous quarter.
Complaints about current accounts came second with 11% of the share, followed by credit cards at 10%.
Fourth in the list was mortgages accounting for 4% of the total number of complaints received by the ombudsman. There were 1,789 mortgage complaints and 30% were found in favour of the borrower, compared with 33% of the 1,721 complaints the previous quarter.
Complaints about mortgage endowments accounted for 2% of the total number of complaints. The number of mortgage endowment cases was 756 with 31% found in favour of the consumer. This compares with 944 cases the previous quarter with 30% going the way of the complainant.
Payment Protection Insurance (PPI) : News & Information
FCA investigates Two Banks for mis handling PPI Claims
The FCA has confirmed that they are investigating two Banks for mis-handling PPI Claims. This comes after a report last week that the Financial Ombudsman (FOS) has seen an increase of PPI complaints being filed with them.
PPI complaints that are rejected by Banks are typically sent to the FOS for review. Our review of this last week pointed out that the FOS found that 8 out of 10 PPI complaints were upheld by the FOS. This has lead to the FCA stepping in to investigate the two main Banks that are rejecting valid PPI claims from customers.
Barclays PPI Complaints: 1,500 Per Day and Rising
Years after the controversial financial instruments have ceased being issued, PPI complaints are still flooding into the Financial Ombudsman Service each and every day, and current and former Barclays customers are leading the charge. In fact, the latest report states that the large financial institution receives more than 1,500 complaints every single day.
PPI Claims Service – Midlands, UK
Maple Leaf Financial have a specialist team of solicitors dedicated to dealing with the mis-selling of payment protection Insurance (PPI) products by the banks. We are happy to review these PPI products and to claim compensation for our clients where appropriate.
We will work with you to ensure that you get the correct PPI settlement or refund and any and all fair compensation that may be due to you as a result of PPI mis-selling. We will deal directly with your PPI provider, be it a bank or insurance company and neither we nor our specialist claims team will be fobbed off by them at any stage. If their offer is too low or derogatory and they won’t take us seriously we will challenge them on your behalf.
Tim Capper reports on Financial Mis-Selling for Maple Leaf Financial. Our aim is to ensure you get honest advice and proper guidance to ensure a suitable recommendation can be made to pursue a financial claim
Latest posts by Tim Capper (see all)
- PPI Claims Currently Show No Sign of Slowing Down - December 10, 2014
- Swaps (IRHP) Determining the Level of Redress - November 3, 2014
- FCA updates PPI redress for 2.5 million old PPI complaints - October 27, 2014