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PPI contributes to rise in financial complaints

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Worries over payment protection insurance saw the number of complaints about financial institutions increase significantly in the second half of 2011.

Figures from the Financial Services Authority (FSA) show the number of complaints made in the second half of the year amounted to just over 2.25 million – a 21% increase from the last six months of 2010.

The noticeable increase was caused by complaints about PPI with the number of complaints rising by 85%.

Banks have been forced to pay back millions of pounds to consumers who were mis-sold the loan cover, with figures showing £2.1 billion was paid in redress to PPI customers in the second half of last year.

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