PPI complaints still dominate, despite drop

19 May 2015

ppi The PPI mis-selling scandal trundles on and, in vaguely good news, complaints about them have halved in a year. However, don't be fooled, as PPI is still a massive issue, dwarfing most others. Basically, it won't go away.

The Financial Ombudsman Service, which deals with all the unresolved cases, said that they'd received 204,943 complaints about PPI in the 12 months to the end of March, which is still a shedload. Other complaints about financial products don't even come close.

The ombudsman reckons that PPI cases could still be dogging everyone for a while yet, and could take years to work through.

So far, over £24bn has been paid out via a gigantic programme of compensation. There's still a chance that the banks are being idiots about the whole thing, still!

The Financial Ombudsman Service found in consumers' favour in 55% of cases over the year, which tells you how shifty the financial institutions who were selling PPI, have been. Cases are still coming to light, with some banks contacting customers to tell them that they'd applied PPI to credit cards without ever telling customers. Worth ringing your bank up to see if you're in for some compo.

TOPICS:   Banking   Debt   Economy

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