Record level of complaints over PPI

New figures have revealed that the number of complaints over controversial payment protection insurance (PPI) has reached more than 41,000 since April.

According to the Financial Ombudsman Service (FOS), the total number of complaints over PPI has reached 114,478 over the past five years.

The figures show that over half of the complaints have been in the past 16 months alone, with numbers rising on a weekly basis.

The data comes shortly after an announcement by the Financial Services Authority (FSA) that in will reform the system in order to better protect consumers.

The FSA said the measures - which come into force on December 1 - were designed to "mend a market that has been broken for too long".

Its new rules include a handbook to ensure complaints are handled properly and an open letter setting out common sales failings to help firms identify bad practice.

The FSA has so far taken action against 24 firms and handed out nearly £13 million in fines for PPI failings.

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