FCA publishes final PPI complaints report

The FCA's two-year communications campaign on the PPI deadline was recognised by 32 million people, leading to 6.2 million people visiting the FCA’s dedicated PPI website and 110,000 calls to the FCA’s PPI helpline.

In total over 32.4 million complaints about PPI have been made to firms and so far, over £38 billion has been paid in redress. Firms have continued to pay redress (mostly for mis-selling) in over 80% of complaints where a consumer had a past PPI policy. Firms paid over £9.1bn of redress during the campaign.

During the final 14 months of the campaign, 8.9m complaints were submitted, in comparison to 3.7m in the first 10 months. 46.7m checking enquires were also submitted. In August, the final month, the FCA saw unprecedented volumes – with complaints increased to 1.4m.

Jonathan Davidson, executive director of supervision, retail and authorisations at the FCA, said: “PPI is the largest consumer redress exercise in the UK’s history. We set out to bring the issue of PPI to an orderly conclusion and prompt consumers who wanted to complain about PPI to act. Our campaign was a success in reaching millions of consumers, many of whom were not previously engaged with the PPI complaints process.

“Firms are still handling complaints. We will continue to monitor firms to ensure that those complaints are handled fairly.”