PPI complaints fade away but current account woes increase

Tim Wallace
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THE PAYMENT protection insurance (PPI) mis-selling scandal showed signs of drawing to a close yesterday as the City watchdog revealed complaints volumes were falling sharply.

But other problems in banks are starting to emerged, with complaints about current accounts starting to creep upwards.

There were 2.4m new complaints opened in the first half of 2014, the Financial Conduct Authority (FCA) said, down five per cent on the previous six-month period.

The drop was led by an 11 per cent fall in PPI complaints, dropping to 1.2m. But the number of current account complaints rose three per cent to 318,502, shortly after the introduction of the seven day switching service.

Overall, Lloyds Banking Group, which has the most customers, received the most complaints. The bank said it received more PPI complaints, as it had written to customers to urge them to make claims.