Payday loan complaints have risen sharply but the list of gripes about financial products is still dominated by payment protection insurance (PPI).

The number of complaints about payday lenders more than tripled to 4,186 in the first half of the year compared with the previous six months.

The Financial Ombudsman, which compiled the figures, said borrowers had become more aware of their rights.The payday industry said that a falling proportion of complaints were upheld.The numbers are still dwarfed by PPI complaints, which totalled 91,381 in the six months to June, accounting for 54% of new cases considered by the ombudsman.

There were 169,132 new cases on the books of the ombudsman in the first half of the year. They relate to a range of consumer complaints about banks, insurers and other financial businesses.This was a 3% rise on the previous six months.

Source: Payday loan complaints more than triple – BBC News

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