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The Financial Ombudsman Service (FOS) saw a near-60% rise in complaints relating to payment protection insurance (PPI) in the final three months of 2011.
According to the BBC, the Ombudsman received 30,301 PPI complaints in the final quarter of last year, 57% more than the 19,259 received in the previous three months.
Of these, the FOS found in favour of the customers in 68% of cases.
The rise led to a 10% increase in the total number of cases dealt with by the Ombudsman in Q4, which received a total of 55,907 complaints in the period.
Payment protection insurance complaints now make up 54% of the FOS's entire workload, far outstripping complaints related to other products.
Credit cards, current accounts and mortgages between them accounted for just 18% of all complaints received between October and December last year.
Earlier this month, the FOS proposed a new funding system for firms that receive a large number of complaints.
The "largest users" of the FOS refer more than 2,000 cases to it each year.
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This shouldn’t come as a surprise
The claim farmers are texting, e-mailing, posting and even have stalls in shopping centres – accosting anyone who is able to breathe and pressing them to make a claim. They have no idea whether or not the ‘target’ has ever bought PPI, but on the basis of use a shotgun and you may hit a target – every sentient life form is fair game. Both my wife and I have received calls, e-mails and SMS messages and we have never been within 100 miles of a PPI policy. Am I alone in thinking this sort of complaints trawling is a disgrace?
Posted by: Harry Katz
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As the FSA pushes IFAs towards extinction be prepared for no-one championing the consumer by forcing banks to be competitive and more & more 'eye wiping' bank tactics. IFAs offer (offered) choice and are/were the 'balance & checks' in financial services. Whilst the FSA over regulate them and took their eyes off the banks (let's not forget the insurers), the country was raped by the banks! ie " Nero (Sants) fiddled whilst Rome (UK) burned!"
Posted by: Mike