PPI dominates as consumer complaints hit record high
Consumers made a record number of complaints to the Financial Ombudsman Service last year, with nearly four-fifths of the total generated by complaints about payment protection insurance.21 May 2014
The independent service that handles disputes between consumers and financial services companies said it had answered 2.3m inquiries, the equivalent of 40,000 a week, in the year to April.
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Tony Boorman, chief ombudsman, said it had been “an unprecedented 12 months”.
“People are simply looking for honest, straightforward answers that show someone has listened and helped make sense of things,” he said.
The FOS settled a record 518,778 disputes, more than double the number resolved last year, it said in its annual review.
PPI mis-selling, the UK’s worst consumer scandal, continues to dominate its work. Complaints about the policies made up 78 per cent of the total, a rise of 6 per cent compared with the previous year.