Data recently released by the Financial Ombudsman has revealed that a record number of PPI complaints were received in the final quarter of the year – reinforcing the fact that PPI (Payment Protection Insurance) continues to be a growing concern, particularly amongst people aged between 46 and 65.
The eye opening data showed that more than 70,908 complaints were received in total during the last three months of 2016, and more than half of them related to PPI. This means that more complaints were made about PPI, than any other financial product available within the financial marketplace.
But that’s not all…the data also revealed that a total of 36,065 new PPI cases were opened, and 51% of these complaints were received and recorded by the Financial Ombudsman – figures that have concerned many.
Of course, these alarming figures have not come as a surprise to many, as issues surrounding PPI complaints have continued to dominate news headlines in recent months.
This is because, in the previous three months of 2016 (July-September), record numbers of PPI complaints were also received, with the Financial Ombudsman reporting that 42, 907 new cases were opened. 71% of these complaints were made by people aged between 46 and 65. Only 2% of the complaints were made by people aged under 25.
Caroline Wayman, Chief Ombudsman has been quoted in the media stating: ““Although PPI is still by far the issue people complain to us about the most, it barely features at all among younger consumers’ complaints. I very much hope generations to come don’t experience a similar mis-selling scandal.”
Other concerning issues, which were brought to light included the fact that people were also quick to complain about their current accounts, with 4,014 new complaints issued between the October 2016 and December 2016. Complaints linked to Payday loans were also recorded at an all time high.