More than six out of 10 complaints made to the Financial Ombudsman Service (FOS) involving insurance...
More than six out of 10 complaints made to the Financial Ombudsman Service (FOS) involving insurance are still directly related to payment protection insurance (PPI).
According to the ombudsman's latest Annual Review, 62% of complaints were about PPI with the majority being about the sales processes of the product. Of the complaints lodged with the FOS, 89% led to a change in outcome in favour of the consumer.
The authors of the report also commented on a rise in the number of complaints brought forward by third parties: "We have seen a steady increase over the year in the proportion of PPI complaints referred to us by claims management companies, which now represent consumers in over half of the PPI cases we handle."
The number of complaints, according to the review, has been soaring for the last five years.
