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FSA notes continuing rise in PPI complaints

The payment protection insurance (PPI) scandal is continuing to push up the overall number of complaints made about financial service providers.

According to the Financial Services Authority (FSA), there were a total of 3,577,599 complaints received during the first half of 2012, representing a 59 per cent increase on the previous six months.

Furthermore, 62 per cent of all complaints, or 2,232,294 overall, related to PPI claims, which is a 129 per cent increase on figures for the second half of 2011.

However, the number of people who contacted the FSA about current account problems fell by 13 per cent during this timeframe, although savings and other banking products realised a two per cent rise.

"We do not want to keep hearing of instances, such as PPI, where consumers think they had to buy a product or protection on another product when they did not need it," managing director of the FSA Martin Wheatley recently said.

Jennifer Haines
Jennifer's speciality knowledge is credit card changes and balance transfers.ADNFCR-2776-ID-801458510-ADNFCR



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