| Banks, Mortgages, PPI, PPI Scandal

Fresh complaints about the mis-selling of payment protection insurance continue to be a problem for the Financial Ombudsman Service.

The ombudsman received over 40,000 PPI complaints between July and September after people were still finding that banks were still rejecting their claims for compensation.

Over 50% of PPI complaints during this period were continuing a trend that saw complaints upheld on behalf of the customer.

Packaged bank accounts were the second most complained-about finance policy.

However, these complaints were trailing far behind PPI, which still accounts for over half of the which the ombudsman has to deal with.

A Costly Mistake

The figures show that once again, PPI is a huge problem for the UK banks, and complaints show no signs of abating.

This comes after the think tank New City Agenda confirmed banks had shelled out over £40bn so far.

Mis-Selling on An Industrial Sale

PPI policies were initially meant to provide cover to those who couldn’t pay for their loans or mortgage repayments, because of illness, accidents or unemployment.

However the policies were sold to millions who did not want or need them, and has meant that PPI has now largely been banned.

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