Most Complained Financial Product Ever Is PPI

PPI related complains are also filed via several websites. We have also received over 79000 complaints in this year and looking at over 800 new PPI cases.

London, United Kingdom (prHWY.com) June 18, 2012 - Financial Ombudsman Service is continue receiving mis sold payment protection insurance complaints from the consumers who are out of money due to this evil action of banks. Economic figures have illustrated that complains have reached over 1.2 million over past year.

FOS has received 1,268,798 complaints in just 12 month up to 31 March, 2012. This is the largest number of complaints ever against any product. It has been calculated that one in every five complains were escalated to disputes. It has been noted that in comparison of last year, FOS have escalated 28% more complaints.

More than 60% of total complaints received by FOS is related to PPI and its adverse consequences. Banks that were involved in the scandal have already paid over £2 billion as PPI compensation amount to the victims. But number of complaints is continuing on increase. Some claims are also found as false but 64% of total consumers who have filed complaints have received compensation for their losses.

Complains are mostly insurance companies and it rose with 31% at current period where as investments or loan related complains have declined with 4% and banks complains fell with 1%. However, financial ombudsman services have played major role to solve these disputes. Mis Sold PPI have come to an end but there are still several consumers who have unnecessarily paid for PPI plan. With the efforts of FOS and high court judgments banks are now obliged to clear off all payouts as early as possible.

PPI related complains are also filed via several websites. We have also received over 79000 complaints in this year and looking at over 800 new PPI cases. People who are unable to understand the complex process of PPI via FOS or want to save their time in making PPI claims can file their complaints here. They will receive adequate information to sort out the problem as early as possible.

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Tag Words: ppi claims, mis sold ppi, ppi claims uk

Categories: Finance

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