Consumers are increasingly making their own compensation claims for mis-sold payment protection insurance rather than rely on claims management companies or law firms, according to research published today.
The Financial Ombudsman reported that nearly half of all new complaints during the past six months were made by people without paid-for representation, compared with less than one-fifth a year ago.
However, there was no let-up in the level of complaints made about payment protection insurance, which made up 63% of the total complaints received by the ombudsman in the first half of 2012.
More than 85,000 new PPI complaints were received, compared with fewer than 50,000 in the second half of 2011. Five banking groups – Barclays, Lloyds, MBNA, HSBC and Royal Bank of Scotland – had more than 8,000 complaints each referred to the service, together accounting for more than 80,000 cases.
Natalie Ceeney, chief ombudsman, said: ‘The volume of PPI complaints doubled in the first half of 2012 – and has continued to increase since then with up to 1,500 new cases now arriving each day.
‘This means our consumer front-line is busier than ever – taking over 3,000 calls on PPI a day and bringing much needed clarity to confused and bewildered consumers.’