PPI Complaints Jump 72% At End Of 2019, Ombudsman Says
Law360, London (February 12, 2020, 5:18 PM GMT) -- The Financial Ombudsman Service received a 72% rise in complaints about payment protection insurance during the last three months of 2019, sparked by a rush ahead of the August deadline for consumers to lodge cases.
The ombudsman said on Tuesday it received 41,510 new complaints from consumers about the controversial insurance product, known as PPI, between October and the end of December. This was a 72% jump on the 24,073 complaints it received in the previous three months.
Consumers who believe they had been improperly sold the product had until August 2019 to complain to their lenders about PPI. Customers can escalate...
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