PPI claims hit a four-year high as complaints deadline looms

Current accounts are next most complained about product

The FCA said complaint numbers excluding PPI were stable (Reuters)

PPI claims hit their highest level in four years during the second half of 2017, the financial watchdog said today, ahead of the 29 August complaints deadline.

The Financial Conduct Authority (FCA) reported that PPI complaints rose by 40 per cent between the first and second half of last year to reach 1.55m.

The watchdog said £415.8m was paid out January in redress to customers complaining about being mis-sold PPI, which is the highest amount since March 2016 and takes the total payout since January 2011 to £30bn.

The regulator has ramped up efforts to remind consumers of the looming deadline for complaints about PPI, with a series of adverts featuring an animatronic Arnold Scharzenegger head.

“Having set a deadline for PPI complaints, we are encouraging consumers to decide whether they want to claim, and if they do, to make their complaint as soon as possible, as many already have,” said Christopher Woolard, the FCA’s executive director of strategy and competition.

“When PPI is taken out of the mix, the numbers of complaints firms are receiving has remained stable. Firms should be doing all they can to reduce complaints and ensure they are treating customers fairly,” he added.

A total of 3.76 million complaints were received in the final six months of last year, up by 427,032 compared to the first half. Excluding PPI, the number of complaints received by firms was 2.21million, around 13,000 fewer than the previous six months, with current accounts the next most complained about products.