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PPI complaints against financial services firms on the rise

Jaclyn Jaeger | April 23, 2018

Complaints about payment protection insurance created a significant spike in the number of complaints made to financial services firms in the second half of 2017, according to recent figures published by the U.K. Financial Conduct Authority.

During the second half of 2017, 3.76 million complaints were received by 3,072 firms, which is a 13 percent increase compared with the first half of the year, when 3.34 million complaints were received, according to the FCA figures. Most (98 percent) of the 3.76 million complaints were received by 222 firms that received at least 500 complaints each.

Payment protection insurance (PPI) complaints were the main driver of this spike, rising to their highest level in more than four years. In the second half of 2017, 1.5 million PPI complaints were received, compared to 1.1 million in the first half of the year. Almost half (49 percent) of...

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