PPI complaints on the rise in latest Ombudsman figures
Complaints to the Financial Ombudsman Service (FOS) regarding Payment Protection Insurance (PPI) increased by over ten thousand cases in the first half of 2017, according to latest figures.
PPI continues to dominate the Ombudsman’s workload, making up over half of all new complaints received, which across all categories rose by 13% when compared to July-December 2016.
Lloyds Banking Group were the main offenders for PPI once again, as two of their brands topped the complaints list with a combined total of almost 32,000 new cases.
Barclays recorded more than 8,000 complaints, with the FOS upholding in favour of the consumer in the majority of PPI cases against HSBC, Capital One, MBNA, Black Horse and Aviva.
News of increases in the overall number of PPI complaints follows the start of the Financial Conduct Authority’s (FCA) advertising campaign to raise awareness of the PPI deadline.
The adverts, featuring an Arnold Schwarzenegger impersonator, encourage consumers to check now before their chance to claim is lost on August 29th 2019.
Commenting on the data and the FCA adverts, Chief Ombudsman Caroline Wayman said: “We've seen more complaints about most types of financial products in the first half of 2017.
“The FCA has just launched its communications campaign, which highlights that consumers have until August 2019 to make a complaint about mis-sold PPI.
“While we still don’t know what impact this will have on our workload, today’s data shows that PPI complaints are already increasing.”
High street UK banks paid over £60bn in compensation, fines and misconduct charges over the last five years according to latest research, and a large portion of those charges have come from money set aside for PPI compensation
Lloyds recently increased their provisions for the 17th time and admitted they have seen an unexpected increase in the number of complaints.
To date more than £42bn has now been set aside by all UK banks as they continue to be affected by the ‘biggest mis-selling scandal in financial services history’.
Plus new guidance passed in August, relating to the legal case known as Plevin, means just having PPI may now mean some consumers are owed compensation.
If you are yet to check your finances for PPI, find out for sure if you were mis-sold now before you lose your chance to claim.
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