| Banks, Financial Regulators, PPI, PPI Scandal

This year the Financial Ombudsman Service released reports which show that they had received over 40,000 more complaints during the period of July to September after banks rejected customer’s claims for compensation.

Nearly 60% of the rejected complaints that were forwarded from the banks were overturned in favour of the consumer.

Complaints about other products only made up a fraction of the number of PPI complaints. Packaged Bank Accounts – the second largest number of complaints, apart from PPI – only have just over 5,000 during the quarter.

Experts, who initially expected a slowdown in complaints, say that PPI remains a big problem for the industry as complaints show no sign of trailing off.

According to New City Agenda, about £40bn has been set aside by banks to pay back consumers that were mis-sold PPI policies in the last few decades. Banks hired thousands of qualified employees to handle the complaints efficiently.

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