The Financial Ombudsman Service (FOS) handled 378,699 complaints regarding payment protection insurance (PPI) in the year to the end of March 2013, a year-on-year rise of 140%.
The period includes a six-month record total of 283,251 complaints received by the FOS between 1 July and 31 December 2012.
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PPI was also the subject of 74% of all complaints escalated to a formal dispute, or case, handled by the FOS. The second half of 2012 alone recorded 211,885 PPI cases.
Of all 2,161,439 complaints, PPI or not, received by the FOS, around a quarter, 508,881, were escalated to a formal dispute, a year-on-year rise of 92%.
Investment-related complaints rose by 33% while banking and non-PPI insurance complaints rose by 20%.
Nearly two-thirds, 65%, of PPI complaints were upheld in the consumer’s favour, something Paul Clark, chief executive at complaints management software provider Charter UK, called "indefensible".
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By GlobalDataThe percentage of all complaints received regarding the UK’s four largest banking groups rose to 62% in the period, from 52% in the previous 12 months.
richard.brown@timetric.com
