New complaints figures from The Financial Ombudsman Service have revealed that the year to March 2011 was its busiest ever. More than 1m people used the free service – which settles disputes between financial providers and customers – to make a complaint about banking or insurance services. Of these, around 200,000 took their complaint all the way to a formal procedure.
Most of the grievances last year related to the mis-selling of payment protection insurance (PPI), which has affected millions of bank customers in the UK. The ombudsman expects PPI to dominate its case load for the next few years, as the banks face a deluge of claims from unhappy customers who feel they were wrongly sold the controversial loan cover.
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