In response to the Financial Ombudsman Service Annual Review of personal finance disputes, Which? executive director, Richard Lloyd, says:
“The record increase in the number of new complaints going to the Financial Ombudsman shows that too many financial institutions are still failing to treat their customers fairly when things go wrong. The fact that over 250,000 people took their problem to the Ombudsman this year is further evidence that banks and insurers must transform the way they handle complaints.
“The rise in the number of complaints for PPI mis-selling confirms the need for lenders to improve the way they compensate the huge numbers of people that were mis-sold this product. With over £9 billion set aside for PPI redress, it’s essential that barriers that prevent people getting redress are removed, and quickly.”