Complaints To FCA Jump In 2019 As Misselling Fuels Surge
Law360, London (April 16, 2020, 4:36 PM BST) -- Britain’s finance watchdog said Thursday that complaints surged in the second half of 2019, mostly because of an influx of claims about improperly sold payment protection insurance.
The Financial Conduct Authority said it fielded more than 6 million complaints in the six months from July to December, compared with 4.29 million in the first half of the year.
The regulator said the jump was caused by a 75% increase in complaints about payment protection insurance, or PPI. The controversial form of credit protection insurance created a widespread scandal that spawned more than £30 billion ($37 billion) in claims from consumers who...
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