By Marcus Leach

Figures released by the Financial Ombudsman Service (FOS) have shown a sharp drop in complaints concerning payment protection insurance (PPI).

The third quarter of the year saw just 19,259 PPI complaints, which represents a drop of 66% from the second quarter.

The drop was not unexpected by the FOS, attributed to the clearing of the backlog, and as a result overall complaints to the FOS were down 38% to 50,000.

Despite the number of new PPI complaints seemingly passing its peak, the FOS said it was upholding an even greater proportion of them than before - all cases that had originally been turned down by banks and other PPI sellers.

"The percentage of PPI complaints we upheld in favour of the consumer increased to 92%," an FOS spokesman said.

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