New figures released by the Financial Services Authority (FSA) show that the total number of complaints made in the second half of 2010 about payment protection insurance increased by a staggering 63%.

In total the last six months of 2010 saw 434,596 complaints made about payment protection insurance, up from 266,685 in the first half of 2010. In comparison, the last six months of 2009 saw just 174,286 complaints made about PPI.

Payment Protection Insurance complaints were the second most complained about financial product in the second half of 2010, topped only by complaints about current accounts, which received 474,456 total complaints.

But when you consider that most people in the UK have a current account and far fewer have payment protection insurance, the number of complaints in relation to the number of policies in the UK is far higher for PPI. Another similar insurance product to PPI – critical illness insurance – received just 1,122 complaints.

PPI is usually sold as an add-on to a loan, credit card, mortgage (MPPI) or overdraft agreement. The borrower is not obliged to take out PPI so the provider cannot add it on to the loan agreement without your knowledge. However, many people are currently paying PPI without even knowing it.

You may have been mis-sold PPI if you are a pensioner, self-employed or a student, but PPI policies typically do not usually cover these groups of people.

The mis selling of payment protection insurance is likely to cost the banking industry billions in compensation. If you think you were mis sold ppi and you could have a case in claiming for mis sold insurance.

Contact Gladstone Brookes now by ringing us on 08000 461 825 or fill in our PPI claims enquiry form to start your claim now.