PPI enquiries to Ombudsman so far in 2016 surpass 100,000 mark
More than 40,000 new complaints relating to the mis-sale of Payment Protection Insurance (PPI) were submitted to the Financial Ombudsman Service (FOS) in the second quarter of 2016.
More than 100,000 enquiries relating to PPI have now been received since April this year, with the majority of cases being upheld in favour of the consumer.
The number of enquiries fell slightly between July and September, but the uphold rate was unchanged at 57%.
Packaged Bank Accounts (PBAs) continue to be the second most complained about financial product behind PPI, with over 5,000 new cases reported to the FOS in the three month period.
There is also a slight increase in the number of PBA cases being upheld in favour of the consumer so far this year when compared to the previous twelve months (April 2015 - March 2016).
In total the FOS received almost 80,000 new complaints about financial products, and found in favour of the consumer 45% of the time.
Since the start of 2003 the Ombudsman has now received a total of 1.45m complaints relating to the sale of PPI.
With banks setting aside over £40bn for the mis-selling saga, and just over £25bn having been paid out so far according to the Financial Conduct Authority (FCA), there are still millions who could have a case for compensation.
Time is running out for consumers to check though, with the FCA proposing a deadline of 2019 on all PPI complaints.
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