The PPI scandal is well known to be one of the most problematic financial issues to aggravate banks’ clients in the UK. Complaints surrounding the issue are still topping the charts as the most complained about financial matter by far.
Reports published by the Financial Ombudsman suggest that PPI has been the most complained about product of the last quarter of 2016. A total of 70,908 complaints were reported and 36,065 of these were new cases regarding PPI. This means that over half of the total number of complaints received in the financial industry were to do with PPI.
The figures published by the Financial Ombudsman service highlight the magnitude of the PPI issue, and they also reflect the amount of customers who have experienced problems with the PPI product.
Not only this, but the figures also show that 44% of complaints related to PPI were upheld in favour of the consumer. This is a large amount of accepted complaints in comparison to the financial industry average, which is 37%.
PPI was not only the most complained about product in the last quarter of 2016, but it was also the most complained about product in the three months previous to that, when the Financial Ombudsman reported that 42,907 new cases were opened.
However, despite the staggering amount of PPI issues reported and claimed for, it has been suggested that less than 25% of people owed refunds for mis-sold PPI have actually reclaimed the money they are rightfully owed. This means that there are still an even larger number of clients who are still yet to claim.
It has also been reported that older people, between the ages of 46 and 65 make up for the largest proportion of PPI complaints; in fact, this age group accounted for 71% of all complaints. In contrast, the younger generation aged 25 and below accounted for the least amount of PPI complaints, making up for just 2% of the complaints opened regarding PPI.
With a possible spring 2019 deadline to make a claim, it is to be expected that PPI complaints will continue to be one of the most complained about issues for the next few months, as clients realise the importance of claiming their rightfully owed money before they are unable to do so.
If you believe that you may be owed a PPI refund, it is highly important to find out whether you can make a claim as soon as possible.
The process is very easy; you can start by beginning your free check today to see if you are owed PPI.
The only information you will need to provide is your name, date of birth and address and we will send you the pre-filled forms to simply add your signature. Don’t worry, we will not need any account numbers.
Start your free check today and see if you could receive a refund which could be a large sum of money!