According the Financial Ombudsman, mis sold PPI had made up two-thirds of its workload for 2014. Meanwhile, Lloyds and Barclays have the highest number of complaints in the financial industry.
The Financial Ombudsman had taken on 161,649 new cases between July and December 2014. During the second half, PPI complaints took up 104,877 of these cases, the rest being other financial product and service complaints.
The FOS confirmed that the numbers of complaints are showing signs of “levelling off”. But Financial Ombudsman Chief Caroline Wayman says that the claims are becoming “hard-fought” and “complex.”
According to Wayman, the Ombudsman will continue its work to help improve customer and bank relations. She said that most customer dissatisfaction is the result of a simple miscommunication and misunderstanding between banks and their consumers.
However, USwitch.com Head of Money David Mann said:
“Although PPI mis-selling has been the biggest scandal to hit the banking sector for several years, it’s a relief to see these complaints finally levelling off.
“Worryingly, banking complaints are rising. Consumers are increasingly dissatisfied with their banking service and are forced to turn to the ombudsman as a last resort because they just aren’t being heard. But despite this rise in complaints, people still aren’t voting with their feet with only 1.6 million people switching in the last year.”