The number of complaints about payment protection insurance has sharply accelerated, with around 12,000 new cases being referred to an ombudsman each week between October and December.
The Financial Ombudsman Service received 145,546 complaints about PPI during the last three months of 2012. This represented 80 per cent of all new complaints.
The massive case-load was more than double the amount of complaints received in the previous quarter.
The big increase in PPI cases caused the total number of complaints in the three months to rise to 180,679, which means the ombudsman received more cases in that one quarter than in any single year between 2000 and 2010.
Credit cards were the second-most complained about product, accounting for 3.5 per cent of complaints, while current accounts were the third-most complained about.
The number of complaints regarding PPI has been steadily rising for some time. Between April and June last year just 32,000 cases were referred to the FOS.
For more on this story, visit Money Observer.
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