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Banks failing to deal with PPI claims

Banks appear to be failing to handle consumer claims as complaints to the Financial Ombudsman Service saw a 92 per cent increase last year and payment protection insurance (PPI) was the worst offender.

It saw a total of 508,881 new cases open up in 2012. Of these, 72 per cent were complaints about PPI.

PPI cases taken up by the ombudsman reached 378,699, which is double last year's figure.

The ombudsman is a free service that consumers can go to when their banks fail to deal with their claims.

Which? suggested that the Financial Conduct Authority, which is the regulator for financial issues relating to consumers, should address the failures of banks to deal with consumer claims.

Executive director Richard Lloyd said: "The Financial Conduct Authority must take tough action against any bank found dragging its feet in settling complaints. It is time for a big change in banking, with banks that work for customers, not bankers."

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801591375-ADNFCR



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