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The number of complaints about payment protection insurance (PPI) being taken to the Financial Ombudsman Service (FOS) has dropped sharply. The FOS received just 19,259 new PPI cases in the third quarter of this year, down 66% from the second quarter. As a result, the total number of complaints made to the FOS in the quarter fell 38% to just over 50,000.
The FOS said the drop in PPI cases had been expected as a backlog was cleared. Other types of complaint were up 24%.
Despite the number of new PPI complaints seemingly passing its peak, the FOS said it was upholding an even greater proportion of them than before - all cases that had originally been turned down by banks and other PPI ...Read more HERE
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