| PPI, PPI Scandal

Complaints over payment protection insurance (PPI) have more than doubled in the second half of 2012 to 2,000 a day, according to new figures released by the Financial Ombudsman Service (FOS).

The new figures released today indicate PPI claims rose from 85,562 in the first half of 2012 to 211,855 in the second and now make up nearly three quarters of all financial complaints made by the general public.

It takes the total number of mis-sold PPI complaints to more than 600,000 with figures expected to increase over the next year. The five major financial groups accounted for 78% of all new PPI cases with Lloyds TSB the worst affected with more than 42,000 new complaints.

Those figures ensured that of all financial complaints, which include investment issues and mortgages, the FOS dealt with a record number between July and December 2012 of 283,251, which represents a 110% increase on the previous six months.

“Over the last year or so, we have geared up substantially to deal with these record complaint numbers and we are now resolving more cases each week than ever before,” admitted Natalie Ceeney, the chief ombudsman.

“However, as the complaint levels show no sign of slowing, customers are increasingly having to wait longer to get their complaints sorted – with many businesses still continuing to cause unnecessary delays.”

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