Financial complaints soared in second half of 2011

Financial complaints soared in 2011, with over 12,000 a day is the second half of last year, the Financial Services Authority (FSA) has revealed. The volume of complaints received by the FSA were up 21% compared to the first half of the year. Complaints about loan insurance rocketed a whopping 85% to just short of one million, largely as a result of the widespread mis-selling of payment protection insurance (PPI). Fewer complaints relating to savings and current accounts were made during the half year. Barclays received the highest number of complaints per brand, while Lloyds posted the highest number per banking group. NR