PPI complaints rose to 265,949 in a six-month period
Complaints about payment protection insurance ballooned by 53% between January and June, according to new FSA statistics.
The latest half-yearly snapshot of complaints shows that the number related to PPI – which fuelled the steep rise in the Financial Services Compensation Scheme levy – has increased from 174,286 in July to December 2009 to 265,949 in January to June 2010. Other general insurance complaints increased by 9.5% to 236,529.
The large number of PPI-related complaints was identified by the FSA as the key factor in the amount of redress paid by the Financial Ombudsman Service for general insurance and pure protection products. This figure rose 92% to £276m for the half-year.
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