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PPI claims: FOS reveals financial complaints data

There were 46,700 complaints relating to payment protection insurance (PPI) that were dealt with by the Financial Ombudsman Service (FOS) between July 1st and December 31st 2011.

This represents a 53 per cent decline on figures from the first half of the year, as a result of special arrangements providing banks with more time to deal with this issue that were recently implemented.

From 2012 to 2013, the ombudsman expects to receive 165,000 payment protection claims, which will exceed previous records.

During the final half of 2011, the FOS was issued with 106,193 new complaints, with 89 per cent of these relating to 163 financial firms, although the group deals with over 100,000.

Which? chief executive Peter Vicary-Smith called it "especially unacceptable" that such a high number of individuals have had to take PPI claims to the FOS, which upholds the "overwhelming majority" of cases.

The data provides "further evidence that some banks are systematically failing to treat their customers fairly when things go wrong", he added.

Charles Baker
Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801304458-ADNFCR

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