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Still complaining and PPI complaints still rising

Figures show there has been a dramatic rise in the numbers of complaints about payment protection insurance. Photo: Gareth Fuller/PA Wire/Press Association Images

Bombarded with texts? Frustrated by cold calls? You might, like many people have frankly had enough of claims management companies asking if you might have had a loan and been mis-sold payment protection insurance (PPI), but they have had a big effect.

Together with consumers making their own enquiries to try to get cash back having been sold products they don't need, they have led to a massive increase in the numbers of complaints about payment protection insurance.

The Financial Services Authority (FSA) published the figures today. Credit: Clive Gee/PA Archive/Press Association Images

In the first half of this year a staggering 2,232,294 people complained about having been sold insurance that they didn't want, didn't need and sometimes didn't even know about. That is the equivalent of twice the population of Birmingham lodging a complaint in just six months, which firmly places PPI as one of the biggest ever consumer scandals. The number of complaints rose by 129 percent in that time frame.

The fact that the scale of the problem is still growing means the banks may have to set aside even more cash to compensate angry customers. Between them a hefty £10 billion has already been allocated, but the consumer experts Which? suggest today that may not be enough.

The number of complaints about levels of service at banks also rose, but by just 5 percent. And the number of complaints about current accounts actually fell by 13%. If you want to see how your bank fared you can take a look by clicking here.