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PPI tops complaints to financial ombudsman

Payment protection insurance (PPI) has topped the list of complaints submitted to the financial ombudsman service, taking up 49,196 cases in the last financial year.

PPI allows customers to pay off loans if they lose their job or fall ill.

Of the 924,095 enquiries to the ombudsman, 166,321 disputes were resolved (half of which received compensation) and 49,196 of the total were related to PPI.

The revelation about the amount of PPI complaints comes following the Competition Commission’s intention to ban PPI being sold at the time a loan is granted.

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