PPI complaints continue to taper in late 2013
UK banks are still paying hundreds of millions a month to customers mis-sold payment protection insurance, but the flow is dwindling
New complaints over mis-selling of payment protection insurance (PPI) by UK banks continued to dwindle in the second half of 2013, according to data released by the UK Financial Conduct Authority (FCA). The numbers are still high by historical standards – 1.4 million PPI complaints out of a total of 2.5 million complaints in July–December 2013 – but banks will be cheered that the pipeline of new complaints applying for compensation is gradually drying up.
PPI still represents the majority of
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