It’s the gift that keeps on giving. According to the latest figures from the city watchdog, the number of complaints over Payment Protection Insurance is still rising, more than a decade after talk of a mis-selling scandal began.
The Financial Conduct Authority’s complaints data reveals that PPI complaints rose by by 6 per cent between July and December of 2015. In that six month period, 932,000 customers contacted their provider about the controversial insurance product which has cost banks billions of pounds in compensation.
The regulator said that £22.9 billion has been paid out to customers since 2011 – the year a high court ruling made it possible to claim compensation on policies dating back years. Earlier this year Britain’s biggest banks announced they were putting aside a further £5 billion in anticipation of more claims.
Keen to draw a line under the scandal, the FCA has proposed a deadline of spring 2018 for compensation claims, giving customers two years to make a move if they feel they’ve been mis-sold.
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