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A record level of 10,000 complaints a week about mis-sold Payment Protection Insurance (PPI) were made to an ombudsman between October and December. This was double the rate seen during the previous three months, the Financial Ombudsman Service said. The ombudsman found in the customer's favour in nearly two-thirds of cases. Last year, banks paid out an average of more than £530m a month in compensation. The typical payment is nearly £3,000.
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PPI was sold alongside loans and credit cards to cover repayments if the policyholder fell ill or lost a job. In millions of cases it was unsuitable and would never have worked. Waves of publicity about the prospect of winning compensation from the banks which sold PPI cover have resulted in far more claims than expected.....Read more here
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