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04 September 2012

News - Mis-Sold PPI drives more complaints

By Ben Turner @ 05:32 :: 1111 Views :: 0 Comments :: Article Rating
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Customer complaints to banks soared in the first half of this year due to rocketing numbers of cases relating to the mis-selling of payment protection insurance (PPI), new figures show on MSN Money.

Around £10 billion has been set aside by banks to cover claims being made by people who were sold insurance they did not want or need, in what is predicted to become the biggest consumer financial scandal of all time.

Lloyds Banking Group, Britain's biggest retail bank, received around 860,000 complaints in the first six months of this year, a 145% increase on a year ago. Out of this figure, PPI-related complaints more than trebled year-on-year to reach almost 738,000.

Royal Bank of Scotland (RBS) received 195,801 complaints in the first half of this year, of which 156,000 related to PPI. This compares with 68,414 complaints RBS received in the first half of last year, and even when PPI is stripped from the RBS figures complaints are still up 3% year-on-year.

A spokeswoman for RBS Group said that its recent IT meltdown which hit NatWest, Ulster Bank and RBS, which are all part of the same banking group, had placed an extra strain on the ability of staff to clear up customer complaints quickly.


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