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PPI tops list of FOS complaints

Almost half of all complaints made to the Financial Ombudsman Service (FOS) in the past three months related to Payment Protection Insurance (PPI), it has been revealed.

According to official figures from the FOS, 45 per cent of all complaints made by consumers about financial services involved the mis-selling of PPI.

Just over one in ten complaints were about current accounts, while ten per cent related to credit cards. The organisation also received complaints about mortgages, overdrafts, car insurance and savings accounts.

In 2009-2010, a total of 49,196 complaints were referred to the FOS regarding the mis-selling of the policies after customers failed to resolve the issue with their provider.

Around 90 per cent of these complaints were upheld in the complainant's favour.

Earlier this year, regulators announced that financial services organisations could not sell PPI alongside other products such as credit cards and loans.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt. ADNFCR-2776-ID-800228765-ADNFCR

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