Wednesday, 24 August 2011

Barclays PPI complaints up 93% from last year

Barclays admitted today that complaints about sales of Payment Protection Insurance or PPI have soared.

In the first 6 months of this year the bank received over 73,000 insurance complaints, mostly about PPI. That was up from 59,000 in the second half of last year and 38,000 in the comparable period in 2010.

The bank set £1bn aside earlier this year to meet PPI compensation costs and promised to compensate all customers who complained they had been mis-sold PPI before 20 April on a "no questions asked" basis.

Overall Barclays saw a 14% drop in complaints about its services. However, it expects complaints about PPI to continue rising.

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