FCA Statistics Show, PPI Claims Numbers Seems Dropping

Buyers did a lot more than a million complaints regarding Payment protection insurance mis-selling in the 2nd half of the year 2013

Buyers did a lot more than a million complaints regarding Payment protection insurance mis-selling in the 2nd half of the year 2013, however the overflow of gripes is decreasing.

There have been 1 .39 million latest complaints regarding the sale of the loan insurance policy, a decrease of 22% compared to the earlier half of a year.

Complaints regarding savings together with credit cards as well tumbled, based on information from the Financial Conduct Authority (FCA).

However the authorities stated complaints regarding current accounts increased by 8%.

The FCA stated there are 2.48 million fresh complaints made to financial services organizations from July to the end of December. This is down 15% on the entire for the earlier half a year.

Payment Protection Insurance (PPI) complaints accounted for 56% of the entire, down from 62% in the 1st half of the calendar year.

The amount of Payment protection insurance complaints was above 2 million in the 2nd half of 2012, thus has decreased quickly after that.
In the recent information, Barclays registered the maximum amount of complaints across almost all types for a specified organization instead of banking group. Moreover it registered the maximum amount of complaints regarding general insurance plan - a type which includes Payment protection insurance.

Ashok Vaswani, chief executive of Barclays' retail and business banking, said complaint figures were dropping however the bank "still had a way to go".

"We take all complaints seriously and endeavour to make sure that along with finding the immediate resolution, we tackle the root cause of the complaint head on to prevent other customers from being affected," he stated.

The bank obtained an overall of 309,494 complaints, compared to Lloyds Bank with 256,656, as well as MBNA with 213,311.

"No firm wants to top this particular list and they all should be striving to ensure that customers are being treated fairly and not given cause to complain," said Martin Wheatley, chief executive of the FCA.

"This is an indication that firms seem to be putting customers at the heart of their business, however, there is clearly more for us all to do to show consumers their interests come first."
The organizations with the largest amount of consumers are likely to get the the majority of complaints.

Eric Leenders, of the British Bankers' Association, which represents the UK's High Street banks, stated: "Banks are determined that there will be no repeat of any of the bad practices which caused mis-selling in the past."

In spite of this, James Daley, founder of consumer website Fairer Finance, said: "It is extremely worrying that complaints are rising not falling in areas such as current accounts.

"These numbers show that the industry still has a lot of work to do. I'd urge people who get bad service to take their business elsewhere. There are a small but growing number of banks that realise the importance of good service.

"The quickest way to create a fairer banking industry is for customers to show that they they are willing to vote with their feet if they are not treated well."

"Every part of the bank is working to the same goal: to go out of our way to put things right and make our customers' experience seamless."

Source: http://www.bbc.com/news/business-26952073

Submitted By : www.PPI-Claims-Scotland.co.uk