According to official Financial Ombudsman Service numbers, payment protection insurance still leads in its workload. About 57 per cent of financial product complaints the FOS receives are payment protection insurance.
According to Chief Ombudsman Caroline Wayman, the numbers of PPI claims have reached stable levels the previous year. However, a high volume of cases still exist more than observers’ expectations.
Data from the FOS revealed that Lloyds still tops the list with 87,000 complaints for 2015 alone. This is more than Barclays’ 39,00 complaints.
Critics have condemned Lloyds’ tactic of PPI processing delays to discourage consumers from claiming their PPI refunds.
The FOS had upheld 78 per cent of complaints against Lloyds for the second half of 2015. This is a 4 per cent increase from 2014. RBS only had 47 per cent of FOS-upheld complaints. Barclays PPI complaints had fallen by 11 per cent. HSBC had received the fewest complaints with a 30 per cent reduction between the first and second half of 2015.
Aside from the Big Four banks’ PPI claims figures, other banks have not announced their official complaints figures.
Observers expect the FCA’s deadline to increase the PPI complaints number in the next three years until the 2018’s first quarter. Coupled with an efficient advertising campaign, the FCA expects all mis-sold PPI consumers to come forward and reclaim their insurance refunds before the deadline.