PPI drives surge in complaints to Financial Ombudsman
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Complaints to the Financial Ombudsman more than doubled in the second half of 2012 to a record 283,251, a 110 per cent increase over the first six months.
Three-quarters of the complaints were about mis-sold payment protection insurance (PPI), with Lloyds TSB the most complained-about brand. It had 45,727 complaints, after the number of PPI claims rose 344 per cent.
However the number of upheld complaints fell dramatically, from 74 per cent to 55 per cent.
In second place was Barclays with 44,725 complaints. The number upheld climbed from 53 per cent to 57 per cent.
Lloyds-owned Bank of Scotland saw an increase in PPI complaints of 731 per cent, pushing it to third place in the list with 39,375.
The number of upheld PPI complaints varied enormously. Black Horse had 97 per cent upheld, Capital One just 6 per cent.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments