PPI complaints 'to escalate' at Barclays

25 August 2011

Barclays Bank believes the number of complaints it has received regarding mis-sold payment protection insurance (PPI) is likely to continue increasing.

The lender revealed it saw a 93 per cent surge in such inquiries in the first half of the year, with grievances soaring after UK banks were defeated in their legal challenge regarding PPI rules in April.

It announced 73,000 insurance-related issues had been raised - markedly up from the 38,000 recorded across the first six months of 2010.

"We expect PPI complaint volumes to be greater in the second half of 2011 as we see an increased number of complaints following the outcome of the judicial review," the lender explained.

Despite this, Barclays - which has a history stretching back more than 300 years and currently employs in excess of 145,000 people - enjoyed a 14 per cent reduction in remonstrations across all of its services over the first half of the year.

By Gary Cooper

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