Customer complaints about payment protection insurance (PPI) are falling, according to new financial regulator figures which hint that the fallout from banks’ mis-selling of PPI is beginning to settle.
PPI-related complaints remain the biggest source of grumbling among customers in the aftermath of the scandal, but they’re down 17 per cent in the first six months of the year compared to the same period in 2014, according to data from the Financial Conduct Authority (FCA).
Some 883,043 complaints were made about PPI, making up 41 per cent of all customer complaints against banks.
This is the first time PPI complaints have fallen below 1m per half-year period since 2012.
Christopher Woolard, the FCA’s director of strategy and competition, said:
While the ongoing fall in PPI complaints is welcome, this is the second half-year running that we have seen complaints about banking products rise.
Ensuring good consumer outcomes should be at the heart of firms’ activities and we want to see complaints fall in the future as firms seek to ensure that consumers get the right products and services.
Although PPI-related complaints are falling, other customer complaints are on the rise, especially for the category “decumulation, life and pensions”, for which complaints soared by close to 20 per cent.