Complaints to banks and building societies up 70%

The number of complaints to banks and building societies rose by almost 70% in the first half of the year, mainly related to sales of payment protection insurance (PPI), figures published by the FSA show.

The number of complaints to banks and building societies in the first half of 2012 totaled 2,767,913. This was an increase of 67% compared with the second half of last year, the regulator said. The increase was driven by a rise in the volume of complaints about ‘general insurance and pure protection', which increased by 99% to 2,541,430. Overall, complaints caused by ‘advising, selling and arranging' increased by 116% to 2,362,051. Of those, the overwhelming majority (2,256,707, equating to 96%) were about general insurance and pure protection products. Like the Financial Ombudsman...