PPI Complaints Drop

PPI Complaints Drop.

Payment Protection Insurance (PPI) has been the topic for many complaints that the Financial Conduct Authority (FCA) received over the last few years.

The amount of complaints consumers have made slowed down in the second half of 2013. 1.39 million complaints were made regarding the loan insurance, falling 22% when compared to the 6 months before.

PPI was not the only area to see a drop in the number of complaints, credit cards also fell, while current accounts saw an 8% increase.

2.48 million complaints were made to financial services firms in the six months from July 2013, 56% of these were PPI related. This was a huge number, but this was still a good sign as the first half of the year saw 65% of the complaints made being related to PPI.