This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/news/business-27480934

The article has changed 4 times. There is an RSS feed of changes available.

Version 1 Version 2
Financial Ombudsman says 'record' year for financial disputes Financial Ombudsman says 'record' year for financial disputes
(about 2 hours later)
The amount of consumer-related financial disputes reached a record in the year to March, according to the Financial Ombudsman.The amount of consumer-related financial disputes reached a record in the year to March, according to the Financial Ombudsman.
The body, which acts as an appeals service for customers who feel a claim has been turned down unfairly, settled 518,778 disputes, more than double last year's figure.The body, which acts as an appeals service for customers who feel a claim has been turned down unfairly, settled 518,778 disputes, more than double last year's figure.
In 58% of cases it found in the consumer's favour.In 58% of cases it found in the consumer's favour.
Three quarters of the complaints relate to Payment Protection Insurance (PPI).Three quarters of the complaints relate to Payment Protection Insurance (PPI).
The number of PPI complaints rose 6% to 399,939 but the ombudsman said the amount of cases coming in per week had dropped to 6,000 - compared to 12,000 per week a few months ago.The number of PPI complaints rose 6% to 399,939 but the ombudsman said the amount of cases coming in per week had dropped to 6,000 - compared to 12,000 per week a few months ago.
PPI is a policy designed to help repay loans and credit card debt in the event of illness, redundancy or death. It was mis-sold to millions of people and compensation paid out by the banks has already exceeded £14bn.PPI is a policy designed to help repay loans and credit card debt in the event of illness, redundancy or death. It was mis-sold to millions of people and compensation paid out by the banks has already exceeded £14bn.
'Unprecedented'
"It's been an unprecedented twelve months for the ombudsman by anyone's standards," said the chief ombudsman Tony Boorman."It's been an unprecedented twelve months for the ombudsman by anyone's standards," said the chief ombudsman Tony Boorman.
"Complaints continued at record levels - and we resolved over half a million cases during the year," he added."Complaints continued at record levels - and we resolved over half a million cases during the year," he added.
The Financial Ombudsman is free to consumers and is funded by a levy on the financial services industry.The Financial Ombudsman is free to consumers and is funded by a levy on the financial services industry.
The biggest jump in complaints was over packaged bank accounts - they rose from 1,629 to 5,667.The biggest jump in complaints was over packaged bank accounts - they rose from 1,629 to 5,667.
Packaged bank accounts - sometimes called "paid-for" bank accounts - usually charge a monthly or annual fee and often include a range of insurance benefits , car breakdown cover and preferential rates on overdrafts and loans.Packaged bank accounts - sometimes called "paid-for" bank accounts - usually charge a monthly or annual fee and often include a range of insurance benefits , car breakdown cover and preferential rates on overdrafts and loans.
The body that represents the banks, the BBA, said: "Banks have been responding quickly to this increased level of complaints to resolve any issues for customers."The body that represents the banks, the BBA, said: "Banks have been responding quickly to this increased level of complaints to resolve any issues for customers."