PPI Direct Redress Has Lower Numbers But Still Most-Complained About

October 1, 2015
by admin in PPI News

PPI Direct Redress Has Lower Numbers But Still Most-Complained About

According to the FCA, PPI direct redress is falling gradually. Complaints had fallen by 2.1 per cent. However, other issues involving financial products aside from PPI are on the rise.

PPI claims fell by 17 per cent in the first six months of 2015. FCA’s figures indicated the number fell to 883,043.

Still, PPI makes up about 41 per cent of total financial complaints in the UK despite falling in number since 2012.

Barclays took the crown of most complained-about bank during the first half of 2015. Lloyds and Bank of Scotland followed suit respectively.

Barclays mis-sold PPI numbers rose with its online PPI claims arm attaining successful results for customers.

Meanwhile, Lloyds had faced massive fines for mishandling payment protection insurance claims. Lloyds had set aside additional £1 million to recompense consumers almost every quarter since 2013.

Complaints Aside From Mis-Sold PPI

Aside from PPI, the increasing number of Packaged Bank Accounts claims continue to rise. With most PPI claims companies alerting consumers about the poor nature of PBA perks. However, it is up to the consumer’s discretion whether some perks are useful or useless in ther case

The Financial Ombudsman Service believes most PBAs and its perks to be of great quality and rogue CMCs have been pushing up the subject in exaggerated proportions.

HaveIGotPPI.org.uk does provide service for PBA claims. However, these are only valid only if you, the consumer, indeed found the perks an inconvenience or useless.