PPI Complaints hit record high

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The Financial Ombudsman Service revealed a record high of 327,035 complaints for the first half of 2013. The latest report shows that 266,228, 86% of all new complaints made were regarding mis-sold PPI (Payment Protection Insurance).

The four big banks account for over £15bn of the total £17.9bn provision set aside for PPI mis-selling

• Lloyds (£7.3 Billion)
• Barclays (£4 Billion)
• RBS (£2.2 Billion)
• HSBC (£1.6 Billion)

Lloyds Banking group has become the most complained about financial business in the first half of 2013. Figures show they received 129,293 complaints, up 38% in comparison to the previous six months.

Barclays took the number two slot for most complained about business group. The group received 44,223 claims, with 37,394 of those relating to PPI claims.

The vast majority of PPI complainants had their complaints upheld, with 74% PPI cases resolved in favour of the consumer.

The Royal Bank of Scotland group including NatWest tackled a total 22,940 complaints, RBS upholding 34% and NatWest 38% in favour of the consumer.

HSBC increased 11 % in complaints in comparison to the second half of 2012. The FOS received 18,444 complaints in total, 12,224 of which related to PPI.

ppi high