Archive for: March 2014

Financial Ombudsman PPI Complaint Volumes on the Increase

The Financial Ombudsman reveals that it had received 576,000 complaints last year, marking a 38% increase in claims from 2012. Around 76% of complaints were attributed to payment protection insurance in the second half of 2013.

Tony Boorman, Chief Ombudsman, said that 56% of the complaints the previous year were upheld in favour of consumers. He said that the number of financial complaints in 2013 appears to drop in numbers slowly, but he warned that it is still a long way to go before UK’s PPI scandal finally comes to an end.

The Financial Ombudsman said that they are still receiving 1,000 claims daily from consumer with bank-rejected PPI claims.

In the last half of 2013, Lloyds, Barclays, RBS, HSBC and MBNA were the most complained about financial institutions in the United Kingdom. All have set aside a total of £22 billion for mis sold PPI.

Non-PPI related complaints fell down from 60,807 on the first half of 2013 down to 55,747 in the second half of the year.
Lloyds alone covers at least £9.8 billion of the entire PPI refund package, making it the largest mis-seller of payment protection insurance.

If you think you might have been mis sold PPI, it is advised that you seek the help of professionals such as those at the for more information about how to claim your money back.