| Claims Management Companies, Financial Regulators, PPI, PPI Scandal

Finance companies have triggered around three million PPI complaints in the second half of the last year, which is equivalent to 16,700 gripes each day. Also, figures from the Financial Conduct Authority-the city watchdog- showed that Payment Protection Insurance (PPI) has generated one of the largest numbers of complaints, which are nearly around 900,000.

Banks and other financial institutions have paid out roughly around £1.3billion as compensation to individuals who were mis-sold PPI polices.

Likewise, many consumers even clawed back another £300million for other unlawful activities by the financial firms. Insurance, exclusive of Payment Protection Insurance, was the second on the list of most criticised about product between the month of July and December, with around 665,000 cases.This was further followed by 514,000 cases regarding the current accounts.

All these figures are the first, since the Financial Conduct Authority brought in the new rules and regulations, which required every firm to register a gripe on the day it was actually made. This further led to plenty of complaints, which leaped from just over 2 million in the initial six months of the previous year.

As per the FCA’s report, Barclays had attracted most of the complaints, which was approximately up to 438,200. Lloyds bank who attracted about 300,000 complaints came in at second place.
Christopher Woolard, the Executive Director of strategy and competition of the Financial Conduct Authority said that what every customer wants is a simple way to makea complaint, which doesn’t leave them with empty pockets.

However, James Daley of Fairer Finance said that all these figures only show that almost a decade after the financial crisis took place, nothing as such has changed.
The volume of complaints has been astronomical and as per their research, it has been found that consumer contentment with the banks has remained stagnant over the last few years. In fact, they have deteriorated to the point wherein they have started expecting patchy services from the banks.


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