PPI remains the most complained about financial product

Published: 10/04/2015

Although when the data for complaints about banking products in the second half of 2014 was analysed it showed a reduction in complaints about mis sold payment protection insurance nonetheless mis sold PPI remains the most complained about product.

The latest data from the Financial Conduct Authority showed that the number of complaints about payment protection insurance decreased by 14 percent to just over 1m in the second half of 2014 as compared with the first half of 2014. This decline meant PPI complaints made up less than half of the total complaints for the first time in the last three years.

Solicitor Paul Cahill considers this:

“Although there is some data showing that there is now a reduction in the level of PPI complaints the fact of the matter is that PPI mis selling is one of the costliest mis selling scandals of recent times. We’re certainly finding that there are still many people who have yet to reclaim mis sold PPI.

“Whilst the momentum in PPI complaints is slowing I’m convinced that reclaiming mis sold PPI will continue for a considerable time yet. With the possibility of a time limit for PPI mis selling complaints anyone who has yet to claim should take action now!”

Content correct at time of publication