About three million complaints about financial products were made in the last six months of 2016 and PPI took most of them according to the City Watchdog. The Financial Conduct Authority indicated about 3.04 million complaints and about £1.9 billion in recompense for assorted financial products including PPI the bank industry had to dealt with.
About 60 per cent of these consumer complaints were about payment protection insurance taking over 514,000 complaints and above. Barclays has been the receiver of most of the complaints from customers, including their mis-sold PPI products.
Barclays has for the first time surpassed taxpayer-backed Lloyds, the biggest mis-seller of PPI. Lloyds only had 28 per cent of the shares of complaints made in the last half of 2016. Barclays received 47 per cent of the total complaints made by consumers.
Despite the announcement of the PPI claims deadline, UK’s banks are still to refund consumers mis-sold PPI policies. All financial institutions and related firms have to resolve PPI complaints until customers are satisfied. Even if the August 29, 2019 PPI claim deadline comes to pass, consumers can still use the Financial Ombudsman Service to file their complaint.
From their latest profit report, UK banks have reached about £37 billion in total recompense for consumers with mis-sold PPI. This is closer to the projected £40 billion banks have to pay for until the end of the mis-sold PPI claims in 2019.