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FCA information reveals big surge in PPI complaints

Increase in second half of 2017 coincides with launch of promoting marketing campaign, starring Arnold Schwarzenegger, to publicise claims deadline.

Complaints about cost protection insurance (PPI) within the second half of 2017 soared to the best stage seen for greater than 4 years, in keeping with figures from the Financial Conduct Authority (FCA).

Complaints about PPI hit 1.55 million within the six months, up 40% on the primary half of the yr.

The FCA’s evaluation relies on the information provided to it by regulated companies.

The PPI enhance meant that there was an general 13% rise in complaints about monetary services merchandise to three.76 million. This was a 427,032 enhance on the primary half of the yr.

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However, excluding PPI the variety of complaints acquired by companies really fell to 2.21 million, round 13,000 fewer than the earlier six months.

After PPI, the following most complained about merchandise had been present accounts and bank cards with “other general insurance” coming sixth.

The whole variety of complaints for “other general insurance” was 202,418 which was up 9,237 on the beginning of the yr and up by 20% in comparison with the identical interval of 2016.

In August 2017 the watchdog began its promoting marketing campaign, which featured actor Arnold Schwarzenegger, to tell folks in regards to the August 2019 deadline for PPI claims.

The regulator detailed that in January 2018 companies paid out £415.8m in redress to customers who complained about PPI – the best determine since March 2016.

It takes the quantity paid out for PPI since January 2011 to £30bn.

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Christopher Woolard, government director of technique and competitors mentioned: “Having set a deadline for PPI complaints, we’re encouraging shoppers to resolve whether or not they need to declare, and in the event that they do, to make their criticism as quickly as potential, as many have already got.

“We are persevering with to watch and problem all companies to make sure they preserve the anticipated requirements and are delivering on their commitments to make it simple for folks to complain about PPI.

He concluded: ““When PPI is taken out of the combo, the numbers of complaints companies are receiving has remained secure. Firms must be doing all they will to scale back complaints and guarantee they’re treating customers pretty.”

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