Complaints Down 30% as PPI Deadline Passes

PPI makes up the bulk of complaints to Financial Ombudsman Service, with investment products and pensions markedly lower than a year ago

James Gard 3 June, 2020 | 12:15AM
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Payment protection insurance (PPI) accounted for almost half the complaints made to the Financial Ombudsman Service in the last financial year, according to the latest figures. The ombudsman received 122,000 complaints about PPI in the 2019/2020 tax year out of a total of 270,000 new cases, with a spike in complaints around the time of the end of August PPI deadline.

Overall, the number of complaints dropped 30% year-on-year, down from 388,392 in 2018/19, which is surprising given that the Woodford crisis, the LC&F mini-bond scandal and the final PPI deadline occurred during that time period. However, the percentage of complaints upheld in favour of the consumer rose to 32% in 2019/2020, from 28% the year before.

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James Gard  is content editor for