PPI complaints surge - FREE

PPI complaints surge - FREE

FCA Financial Conduct AuthorityPayment Protection Insurance (PPI) remains the most complained about financial product in the UK, with complaints about PPI rising by 6% in the last six months of 2015.

Financial services firms received 2.11m new complaints between July and December 2015, according to new complaints data published this week by the Financial Conduct Authority.

Overall, there was a decrease of 1.4% in the number of complaints compared with the previous six months which was mainly driven by a 10% drop in complaints about current accounts and a 15% drop in complaints about savings accounts.

The total redress paid to consumers fell to £1.97bn between July and December 2015 which is slightly lower than the £1.98bn paid between January and June 2015.

The fall in redress payments was mainly due to a 2% fall in payments related to general insurance and pure protection products, which includes PPI. This accounted for almost 82% of complaints redress payments.

But PPI was the most complained about product and service between July and December 2015, accounting for 932,298 complaints, up 6% compared to the previous six months.

Other general insurance products were the third most complained about with 296,505 complaints (down 3% compared to the previous six months), above credit cards and savings.

General insurance and pure protection (including payment protection insurance) complaints ranking by provider

  1. Lloyds Bank PLC 152,149
  2. Barclays Bank Plc 136,433
  3. Bank of Scotland plc 120,444
  4. MBNA Limited 81,377
  5. Home Retail Group Insurance Services Limited 54,296

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