PPI drives complaints

THE financial services industry has been bombarded with almost 24,000 complaints a day as it was hit with an 11th hour deluge of PPI claims.

Latest figures published by the Financial Conduct Authority show banks, insurance companies and fund managers received 4.29m complaints in the first half of the year. This marked a 10pc jump from 3.91m in the second half of last year. The surge has been driven by a barrage of PPI claims – up 34pc from 1.58m to 2.12m – ahead of the August deadline imposed by the City watchdog in an attempt to draw a line under the £36bn misselling scandal.

Other complaints fell 6pc from 2.32m to 2.18m.