FSA complaints spike on PPI mis-selling

City A.M. Reporter
Complaints to financial services firm jumped 59 per cent in the first six months of the year, largely due to the mis-selling of payment protection insurance (PPI).

The data from the Financial Services Authority showed that complaints relating to general insurance increased by 99 per cent. Within this, complaints about PPI made up the bulk, up 129 per cent year on year.

Britain's banks have set aside £8.8bn to compensate customers who were mis-sold PPI, a product designed to keep up loan repayments in the event of a loss of income.

Lloyds Banking Group received 860,000 complaints over the period, a rise of 146 per cent.