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Ombudsman receives 500k PPI complaints

Half a million PPI claims have been received by the Financial Ombudsman Service.

The 500,000th complaint was made by a female from Wolverhampton, who was missold PPI by her bank as she was self-employed when she was provided with the policy.

Currently, as many as 400 PPI complaints are received by the body every hour, with more than 140,000 complaints received so far this financial year.

This compares with less than 158,000 during the whole of 2011 to 2012.

Typically, the ombudsman upholds around seven in ten of these claims and the average PPI refund has hit £2,750.

As a result, payment protection insurance is the most complained-about product the public body has ever dealt with.

"It's extraordinary that we've today received our 500,000th complaint about PPI - and despite these record numbers, this misselling scandal shows no sign of slowing," chief financial ombudsman Natalie Ceeney declared.

She called for banks to deal with any complaints "quickly and fairly".

Samantha Clarke
Samantha is a former banking assistant and has over ten years experience in retail bankingADNFCR-2776-ID-801475115-ADNFCR

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