FOS complaints jump 179% due to PPI surge

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FOS chief executive Natalie Ceeney

Complaints about missold payment protection insurance show no sign of abating, with the volume of PPI complaints driving a 179 per cent year-on-year increase in new complaints to the Financial Ombudsman Service.

Figures from the FOS, published this week, show between April and June the FOS received 159,197 new complaints, compared to 57,076 for the same period last year.

PPI accounted for 132,152 complaints over the last three months, a 307 per cent increase on the 32,445 PPI complaints between April and June last year. The FOS is continuing to receive around 2,000 PPI complaints a day.

The FOS upheld 78 per cent of PPI cases over the last three months, compared to 69 per cent during the same period last year.

Mortgage complaints are up by 32 per cent from 2,234 received between April and June 2012 to 2,941 over the last three months.

Complaints about protection products have also gone up, with a 67 per cent increase in term assurance complaints from 464 to 777, a 24 per cent rise in income protection complaints from 291 to 362, and a 17 per cent increase in critical illness complaints from 234 to 274.

Complaints about personal pensions have fallen 19 per cent to 330, compared to 405 last year.

On investments, the FOS received 313 complaints about portfolio management and 172 complaints about unit-linked bonds, level with the numbers seen last year.

Hudson Green & Associates principal Ian Hudson says: “This level of PPI complaints should not still be going to the FOS. You have to question why banks are denying these claims.”

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