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| Financial complaints surge again says ombudsman | Financial complaints surge again says ombudsman |
| (about 9 hours later) | |
| More evidence of the weight of claims over loan insurance mis-selling has emerged with the latest complaints figures from the financial ombudsman. | More evidence of the weight of claims over loan insurance mis-selling has emerged with the latest complaints figures from the financial ombudsman. |
| The service, which deals with unresolved issues between customers and financial institutions, said it received 149,925 new complaints in the first half of the year. | The service, which deals with unresolved issues between customers and financial institutions, said it received 149,925 new complaints in the first half of the year. |
| This was 54% higher in number than the previous six months. | This was 54% higher in number than the previous six months. |
| The increase was driven by payment protection insurance (PPI) complaints. | The increase was driven by payment protection insurance (PPI) complaints. |
| Neartly two-thirds of the new complaints, 98,632, were about PPI. | |
| "This period coincided with the time when most of the High Street banks and some other financial businesses had put PPI complaints on hold, because of their legal challenge against the ombudsman service and Financial Services Authority," said Natalie Ceeney, the chief ombudsman. | "This period coincided with the time when most of the High Street banks and some other financial businesses had put PPI complaints on hold, because of their legal challenge against the ombudsman service and Financial Services Authority," said Natalie Ceeney, the chief ombudsman. |
| "As a result, complaints in this period about PPI were harder fought and harder to resolve - particularly if we found in favour of a consumer." | "As a result, complaints in this period about PPI were harder fought and harder to resolve - particularly if we found in favour of a consumer." |
| In 47% of cases during the first half of the year, the ombudsman found in favour of the consumer. This compared with 53% in the second half of 2010. | In 47% of cases during the first half of the year, the ombudsman found in favour of the consumer. This compared with 53% in the second half of 2010. |