Analysts believe the PPI deadline might be the cause of the consistency of PPI as the most-complained about financial product in the United Kingdom.
According to the Financial Ombudsman, it still receives up to 4,000 payment protection insurance claims every week. It also said half of the cases it received in 2001, about 3m, is related to PPI.
Aside from packaged bank accounts, payday loans are increasingly becoming part of the Financial Ombudsman’s workload. The number of payday loan claims have increased by 178 per cent in the last year up to March 2015.
Chief Ombudsman Caroline Wayman said:
“It’s been another year of big numbers and big changes for everyone. But we mustn’t lose sight of the lives and livelihoods behind every complaint we resolve. That’s why preventing mistakes of the past from happening again will help restore trust and fairness in financial services.”
UK’s big four banks took up about 56 per cent of the FOS’ increasing number of PPI complaints. The industry has paid back about £23.8b out of the £32b earmarked total for mis-sold PPI.
Packaged bank account cases have doubled to 44,000, making it one of the fastest-growing numbers of complaints in the United Kingdom.