PPI deadline drives increase in complaints

Jessica Nangle

February 12, 2020

The Financial Ombudsman service received 3,500 PPI complaints a week in Q3.

Its latest data shows that the ombudsman received over 41,500 complaints about payment protection insurance (PPI) in the last three months of 2019.

This is a quarterly increase of 72%.

Last year, the Financial Conduct Authority set a deadline of 29 August 2019 for consumers to submit complaints about PPI to the business they thought was responsible for their complaint.

The ombudsman service is now hearing from consumers who are unhappy with their provider’s final response about their PPI complaint, following this deadline.

The number of complaints about PPI dealt with by the Financial Ombudsman Service is over two million.

Caroline Wayman, chief ombudsman and chief executive of the Financial Ombudsman Service, said: “The ombudsman service has been receiving a significant number of complaints from consumers about PPI since 2011.

“There has never been another complaints issue on the same scale as PPI, and the volumes of complaints made to financial businesses around the deadline last August were truly unprecedented.

“We’re pleased that most businesses are now following our well established approach and paying compensation straight away.

“We know that it’s taking businesses a while to respond to all the complaints made around the deadline, but we’d encourage you to wait for their response if possible.

“If you need help more urgently, or you’re unhappy with the final response you get from the business, get in contact with the ombudsman service and we’ll see if we can help.”


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