PPI Still Makes Up More Than Half Of FOS Complaints

September 6, 2016
by admin in PPI News

According to new figures released by the United Kingdom’s Financial Ombudsman Service, mis-sold PPI is still taking the lead with 54% of all cases in the first half of 2016 compared to the last six months of 2015.

The Royal Bank of Scotland is now leading in the number of complaints with 17,358. Formerly leading the high-street banks in mis-sold PPI numbers, Lloyds follows close behind with 16,626 complaints.

According to FOS Chief Caroline Wayman:

“Although it’s a few years now since PPI complaints peaked, we have been receiving over 3,000 a week for six years running – despite wider expectations that numbers will fall. And we’re continuing to deal with the issues and uncertainties around PPI which remain a significant challenge for everyone involved.”

Ms Wayman added: “Lots of factors can influence the complaints we see, from more people knowing about their rights when things go wrong to external factors like volatility in the stock market or extreme weather conditions. That’s why I believe it’s important that we continue to share our insights into complaints to help businesses to avoid the mistakes of the past.”

Lloyds Bank still leads in the overall number of mis-sold PPI complaints nationwide. The bank accounts for more than 22,241 grievances with 70% of FOS-processed PPI claims in favour of consumers.

Lloyds Chief Antonio Horta-Osorio was criticised for his expenses during his Singapore trip. However, Lloyds rectified that the trip of the CEO was not in violation of any company policy.

HSBC and NatWest had received 11,082 and 8,027 mis-sold PPI complaints respectively.