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The Financial Services Authority (FSA) figures released this week that revealed a massive increase in the number of PPI claims and bank charge refund applications. In total, PPI refund claims rose to 105,000 in the 6 months to June, that’s a 33% increase on the same period last year. The interesting part of it is that the claims keep coming even though there are ongoing test cases and legal struggle, and rightfully so.
Complaints regarding Payment Protection Insurance and bank charges numbered much higher than any other financial issues, with 854,000 made, representing a 22% increase on the same 6 months last year. Banks, as expected faired the worst, receiving over 1 million complaints and by only upholding 35% of them, it’s no wonder the claims keep coming.