PPI complaints soar to new high
The Financial Ombudsman Service (FOS) has revealed it handled 98,632 new complaint cases for payment protection insurance (PPI) in the first six months of 2011, more than double the total of 46,275 in the previous half year.
The figures for the six months to 30 June 2011 also showed a 54% increase in overall cases with 149,925 new complaints.
The data showed that in the period the FOS upheld an average of 47% of complaints in favour of consumers, compared to 53% in the second half of 2010.
The ombudsman said that the decrease in the uphold rate reflected the impact of the legal challenge brought on behalf of some high street banks earlier in the year against both the FOS and Financial Services Authority (FSA).
Signi
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