As the banking industry prepares itself to finally let go of payment protection insurance, the Financial Ombudsman Service has issued a snapshot of its complaint figures for the first quarter of 2015-16 financial year.
The FOS indicated it had received 62,105 enquiries about payment protection insurance between April and June resulting to 49,377 new cases. PPI had also accounted for 55% of the total complaints the FOS had received.
From 2014, the FOS had received 274,517 complaints and had opened about 204,943 cases.
Other financial products in full complaint indicate car and motorcycle insurance products with over 6,236 enquiries for the quarter. Building insurance complaints had also come in at 1,800. Travel insurance had accounted for 996 complaints.
About 629 complaints about contents insurance have been recorded.
The UK PPI compensation bill of £26 billion may steadily increase according to analysts. The new complaints may be due to new legal clauses as seen in the Paragon Personal Finance case that awarded compensation for consumers whose lenders or brokers had received substantial commission.
Lloyds Banking Group is still leading with over £12 billion owed for payment protection insurance.