PPI Complaints Drop, But 2.5M Cases Are Reopened

The FCA has released a report announcing an overall improvement in the way companies deal with PPI complaints, with consumer complaints to firms dropping by 11% over 6 months to 1.24 million. The overall level of complaints to the FCA has dropped by 5%.

However, PPI is still the most complained about product, and the regulator has ordered banks and other lenders to reopen more than 2.5 million cases of mis-sold PPI following suspicions that customers were paid too little compensation or were wrongly rejected after a sudden dip was noticed in the number of complaints being awarded compensation.

PPI complaints have dropped by 11%
PPI complaints have dropped by 11%

The most complained about bank was Barclays, though their complaint level has dropped by 10%, whilst second most complained about, Bank of Scotland, saw a massive 46% rise.

A spokesperson for the British Bankers’ Association, commented:

“The banks are committed to ensuring that where customers were sold PPI they receive the full compensation that they were entitled to… The industry will continue to work with the FCA and the Ombudsman to maintain a good standard of complaints handling and get the right result for the customer.”

If you think you could have been sold PPI, contact our Financial Claim Services advisers. They’re experts in assessing your circumstances and making sure you get the money you are entitled to.