PPI News

Ombudsman Receiving More Complex PPI Complaints

February 26, 2015

The Financial Services Ombudsman has reported that it is receiving a higher number of complex PPI complaints and appeals against banks´ decisions.

The announcement of the increasing number of complex PPI complaints was released in the Ombudsman´s second half report for 2014. The independent arbitrator of financial disputes revealed in the report that the total number of PPI-related complaints and appeals fell from 133,000 in the first six months of the year to just under 105,000 between July and December.

PPI ClaimsHowever, PPI-related complaints and appeals still account for nearly two-thirds of the Ombudsman´s workload and there has been a changing trend in the nature of issues customers are asking the service to resolve, which – according to Chief Ombudsman Caroline Wayman – “are becoming increasingly hard-fought and more complex”.

Despite the increase in complex PPI complaints, the Ombudsman is achieving significant results in investigating claims and appeals on behalf of customers. 82% of PPI complaints made against certain units of the Lloyds Banking Group were upheld in the second half of 2014, and 68% of the PPI complaints made against Barclays Bank PLC.

Other credit providers against which the Financial Services Ombudsman achieved significant uphold percentages included the HFC Bank (part of the HSBC Group – 83%), Citibank (74%) and Capital One Credit (60%).

Unsurprisingly, the Lloyds Banking Group and Barclays Bank PLC were identified in the Ombudsman´s half-yearly report as Britain´s most complained about financial institution. According to data available on the Financial Services Ombudsman´s website, more than 36,000 of the PPI complaints received between the second half of the year (from a total of 105,000) were made against the Lloyds Banking Group, while 15,877 complaints were made about the service provided by Barclays Bank PLC.

Other financial institutions that were recorded as failing to satisfy their customers´ expectations of service included the HSBC Group (9,740 complaints), the RBS Group (6,914 complaints), Capital One (6,289 complaints) and the Santander Group (3,917 complaints).

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