The Financial Ombudsman Service (FOS) upheld 78% of the complaints it received regarding payment protection insurance (PPI) from April to June 2013.
The proportion was up from the average of 65% across the full financial year (FY) 2012/13, but down from the average of 82% across FY 2011/12.
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The number of complaints received regarding PPI in the first quarter of the financial year rose from 31,963 in 2012/13 to 132,152 this year, also exceeding the total for the first half of the 2012 calendar year. The level of complaints was also above the quarterly average for the year ended 31 March 2013.
83% and £10bn
The FOS received 159,197 total complaints in the first quarter of 2013/14, an increase of 179% year-on-year which meant PPI complaints accounted for roughly 83% of the FOS workload. For the year ended 31 March, PPI was the subject of 74% of all complaints escalated to a formal dispute.
In the past week, the Financial Conduct Authority confirmed more than £10bn has now been paid back to customers who have complained about the sale of PPI.
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By GlobalDataWriting in Motor Finance this time last year, Karen Wagstaffe of Finance Cover Compliance advised dealers to become more proactive in calculating their risk of exposure to PPI payments.
richard.brown@timetric.com
