Mis-selling PPI Scandal: 5,000 New Complaints Filed Every Week
Mis-selling PPI Scandal: 5,000 New Complaints Filed Every WeekReuters

The Financial Ombudsman has revealed that customers file around 5,000 new complaints, about being mis-sold payment protection insurance, every week.

According to the service, which helps deals with disputes that cannot be resolved between a customer and a financial group, PPI complaints continue to dominate data, although the number of complaints have dropped over the years.

It added that two-thirds of all complaints, or 56,869, were made about PPI in April, May and June of the year and that 61% of complaints were resolved in favour of the individual.

PPI was originally designed to provide loan repayment cover, should the customer fall ill, lose their job or have an accident.

However, millions of customers have now submitted complaints stating that that they never wanted or needed the policy in the first place.

Banks have so far set aside £20bn (€24bn, $33bn) to deal with the scandal since 2011 while Barclays' admin and compensation fund accounts for a fifth of this total.

The Financial Conduct Authority said a total of £15.1bn has been paid out so far.