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The Financial Ombudsman Service received 5,000 inquiries a day in 2011-2012, taking the number of complaints to a record-breaking 1.2 million for the year.
Of that number, the Ombudsman Service investigated 264,375 complaints (an increase of 28 per cent on the previous year) and two out of three customers who pursued their case were awarded compensation.
Bad advice, extortionate charges and poor service all featured in the list of banking bugbears but it was the mis-selling of payment protection insurance that was the number one cause of complaints.
Millions have fallen victim to the PPI trap and, with an abundance of claims management firms attempting to cash in on those wishing to recoup their losses with sometimes sizeable fees, many have been stung twice.
Sarah Brooks, from Consumer Focus insisted banks must improve their customer service and complaints handling and told the Daily Mail: "Banks now need to wipe the slate clean by dealing with any claims and compensation payments quickly, efficiently and fairly."
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