Rise in PPI Claims

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PPI drives rise in financial complaints to ombudsman

The Financial Ombudsman Service (FOS) handled a record 206,000 formal complaints in the last financial year - a rise of 26% from 2009-10.

Just over half them, 51%, were about the mis-selling of payment protection insurance (PPI).

The 105,000 PPI complaints were a record for any type of financial policy in a single year.

The FOS tries to deal with problems that financial businesses have failed to resolve themselves.

Its chief executive, Natalie Ceeney, said the service, which started 10 years ago, had experienced its busiest year to date.

Source BBC

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