UK Insurance Firms Shamed By FOS Over PPI Mis-Selling

September 16, 2016
by admin in PPI News

The Financial Ombudsman Service had named several renowned insurers for the highest number of general insurance complaints during the first half of 2017.

FOS figures indicate that insurer Direct Line Group had received more than 1,307 complaints in the last six months for general insurance and PPI related cases.

Meanwhile, Royal London Group had topped the list with more than 193 complaints on life insurance and pensions.

For Financial Institutions, Lloyds Bank and Lloyds Bank subsidiary Bank of Scotland had received a high number of PPI complaints amounting to a total of 169,132 new cases in the first six months of 2016.

“Although it’s a few years now since PPI complaints peaked, we have been receiving over 3,000 cases a week for six years running – despite wider expectations that numbers would fall,” chief ombudsman Caroline Wayman.

“And we’re continuing to deal with the issues and uncertainties around PPI which remain a significant challenge for everyone involved,” she added.

The Financial Ombudsman Reports that the UK still has 54 per cent of its financial complaints directed to payment protection insurance.

Experts estimate the number may increase by 2019, the year the Financial Conduct Authority appointed to end PPI claims through a deadline.