Brought to you by:

PPI scandal drives spike in UK complaints

Facebook Twitter LinkedIn Google

The number of complaints to UK financial services businesses rose 13% in the second half of last year, the Financial Conduct Authority (FCA) says.

Payment protection insurance (PPI) complaints jumped 40% to 1.55 million, driving the overall increase. It was the highest number of complaints about PPI in more than four years.

A total of 3.76 million complaints were received in the second half.

In January, businesses paid out £415.8 million ($758.36 million) to customers who complained about PPI, the highest figure in two years.

Excluding PPI, the number of complaints received in the second half of last year was 2.21 million, about 13,000 fewer than the previous six months.

The FCA has set an August 2019 deadline for PPI complaints and is encouraging customers to make their applications as soon as possible.