You are here: Home - Saving & Banking - News -

Complaints to banks and building societies up 70%

0
Written by:
28/09/2012
The number of complaints to banks and building societies rose by almost 70% in the first half of the year, mainly related to sales of payment protection insurance (PPI), figures published by the Financial Services Authority (FSA) show.

The number of complaints to banks and building societies in the first half of 2012 totaled 2,767,913, an increase of 67% compared wih the second half of last year, the regulator said.

The increase was driven by a rise in the volume of complaints about ‘general insurance and pure protection’, which increased by 99% to 2,541,430.

Mortgage complaints have spiked 74% in six months, rising from 57,222 in the second half of 2011 to 95,363 complaints in the first half of 2012.

Overall, complaints caused by ‘advising, selling and arranging’ increased by 116% to 2,362,051. Of those, the overwhelming majority (2,256,707, equating to 96%) were about general insurance and pure protection products.

Like the Financial Ombudsman Service, the FSA publishes complaints statistics every six months.

The percentage of upheld complaints declined from 60% in 2011 H2 to 58% in 2012 H1. Again this was mainly caused by the upheld general insurance and pure protection complaints decreasing from 69% to 63%.

The total amount of redress paid increased from £2,250m in 2011 H2 to £3,155m in 2012 H1. Within this, redress paid for general insurance and pure protection products increased to £2,990m.

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
2208853-britishflag
UK GDP revised upwards to 0.4% contraction in Q2

UK GDP growth has been revised slightly upwards to a contraction of 0.4% in Q2, according to the final estimate...

Close