PPI sparks most complaints says FCA

Robyn Hall

April 15, 2013

PPI received 2,170,537 complaints between the period of July and December 2012 and 1.8m more complaints than current accounts which came second with 304,196.

In a statement by the FCA it said: “Complaints for all types of financial products decreased in the second half of 2012 with the exception of general insurance and pure protection products, which includes PPI, which increased by 5% to 2,494,247.”

PPI complaints rose by 5% to 2,170,537 and accounted for 63% of all complaints.

Third in the table was other general insurance products and pure protection which received 2,96,679, while fourth place was taken by credit cards which had 283,705 complaints, a 14% decrease on the first half of 2012.

Kevin Carr, chief executive of Protection Review, said: “Any increase in complaints about proper protection products, such as critical illness and income protection, is unfortunately linked to PPI. Claims management firms seem to be complaining about all kinds of products, from pensions waiver to income protection, in the false hope that compensation will be paid for PPI mis-selling.”

Savings, including cash ISAs, and other banking products received 100,797 complaints which represented a 20% during the first six months of 2012.

The total amount of redress paid in the second half of 2012 was £2,946 million, a decrease from £3,169 million in the first half of the year.

The FCA confirmed that the total amount of redress paid in the second half of 2012 was £2.946m a decrease from £3.169m in the first half of the year.

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