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FOS: 1,500 new PPI complaints a day

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PPI complaints have doubled in the first half of this year with up to 1,500 new cases each day, according to latest Financial Ombudsman Service complaints statistics.

Complaints about payment protection insurance (PPI) made up 63% of the total complaints received by the ombudsman during the first half of 2012; with 85,562 new PPI complaints compared to 49,419 in the last half of 2011.

Five banking groups accounted for 71% of all new PPI cases received between 1 January and 30 June 2012.

Across all businesses the uphold rate for PPI complaints ranged from 5% to 98%.

Natalie Ceeney, chief executive and chief ombudsman, said: “We’ve also seen an increasing shift towards consumers doing it themselves rather than using a claims manager – with up to half of all new complaints now coming directly from consumers without paid-for representation, compared to less than 20% a year ago.

“This means our consumer front-line is busier than ever – taking over 3,000 calls on PPI a day and bringing much needed clarity to confused and bewildered consumers.”

The FOS’ latest set of six-monthly complaints data related to individual financial businesses including banks, insurance companies and investment firms.

The data published covers consumer complaints handled by the ombudsman service between 1 January and 30 June 2012.

The data includes both the number of complaints received about individual businesses and the percentage of complaints the ombudsman service upheld in favour of consumers.

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