Complaints to the Financial Ombudsman Service for the financial year to date are already 29 per cent higher than the number of complaints received for the full 2011/12 financial year.
Protection, pensions and portfolio management complaints for the year to date have also exceeded the number of complaints received for each product type for the whole of 2011/12.
In its latest issue of Ombudsman News, published today, the FOS reveals it received 180,679 complaints between October and December, taking the total of FOS complaints received in the nine months to December to 341,666. Out of that nine month total, over 70 per cent of complaints are related to payment protection insurance misselling. Some 66 per cent of PPI cases were upheld over the same period.
In 2011/12 the FOS received a total of 264,375 complaints. The FOS says it is now taking on between 8,000 and 10,000 new PPI complaints a week.
There have been 2,166 complaints about term assurance for the year to date, with 13 per cent upheld, up a massive 143 per cent from 890 over the same period last year.
Whole of life policy complaints totalled 1,893, with 24 per cent upheld, an increase of 26 per cent from 1,508 in the same period in 2012.
Complaints about personal pensions rose 18 per cent to 1,537, with 33 per cent upheld, from 1,303.
Portfolio management complaints were up by 24 per cent to 1,173, with 53 per cent upheld, from 946 last year, while complaints about with-profits bonds rose 12 per cent to 584, with 19 per cent upheld, from 522 for the same period last year.
The number of annuities complaints increased by 21 per cent from 363 to 439, while the number of Sipp complaints also rose by 26 per cent from 360 to 455. Some 27 per cent of annuities complaints and 58 per cent of Sipp complaints were upheld.