PPI redress totals £1.9bn in 2011, FSA says
22 February 2012 at 14:20
Redress paid to consumers for the mis-selling of payment protection insurance (PPI) totalled £1.9 billion last year, according to new figures from the Financial Services Authority.
December saw the highest monthly sum paid to affected investors as it topped November’s figure of £379 million to reach £441 million.
The figures are based on redress data provided by 16 firms, which account for 92 per cent of all PPI complaints received in the first half of 2011.
Today (February 22nd) consumer watchdog Which? called on banks to speed up the redress process for consumers so that claims management companies do not over-profit for making claims on behalf of victims.
Which? executive director Richard Lloyd said: “Too many people are still finding the claims process too lengthy, the banks must streamline the process to make it easier for people to claim.
“Otherwise this leaves an open goal for claims management companies that charge people a hefty fee for putting in a claim.”
Posted by Claire Robin