Frances Ball 18 Oct 2019 02:16pm

Surge in PPI claims behind increase in complaints to FCA

The Financial Conduct Authority (FCA) has had a 34% spike in complaints over payment protection insurance (PPI) in the first half of this year

More than two million people rushed to claim PPI compensation before this year’s August deadline: PPI continues to be the most complained about product for the FCA.

The FCA received a total of 4.29 million complaints in the first half of 2019, an increase from 3.91 million in the second half of 2018.

Almost half of all complaints related to PPI.

According to the FCA, as many as 64 million PPI policies were sold in the UK, the bulk of which were sold between 1990 and 2010.

Over £33bn has already been paid back to those who were mis-sold the insurance package.

By contrast, there was a drop in the number of non-PPI issues. Excluding PPI, this is the lowest volume of complaints that the FCA has registered since new reporting rules came into effect in 2016.