FOS insurance disputes up 38% due to PPI complaint surge
The Financial Ombudsman Service (FOS) resolved a record 166,321 disputes in 2009/10 – a 46% annual increase – resulting in compensation for consumers in 50% of cases.
The FOS said that the number of insurance disputes increased by 38% largely due to the rise in complaints about payment protection insurance (PPI).
PPI accounted for three out of every 10 new cases referred to the ombudsman service – a 58% increase on the previous year, following a three-fold increase in the year before that.
By sector, general insurers were the second most complained about sector with 11% of complaints, trailing behind banks which were the focus of 61% of complaints. General
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