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Mis-sold PPI refunds top £12 billion

Mis-sold PPI refunds top £12 billion

Category: Insurance

Updated: 16/10/2013
First Published: 16/10/2013

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Figures released by the Financial Conduct Authority (FCA) have revealed that consumers who were mis-sold payment protection insurance successfully reclaimed £446 million in August, bringing the total amount paid to £12 billion since January 2011.

The FCA collated its figures from the 24 firms responsible for 96% of mis-sold PPI complaints last year, with the final industry-wide bill expected to surpass the current amount.

The latest total comes after the FCA announced last month that it had found "serious problems" with the way some firms were handling the complaints process, a statement backed up by the Financial Ombudsman Service, which found that some firms were incorrectly dealing with PPI complaints in as many as 86% of cases.

As a result, a lot of banks have pledged to increase the amount of money they're putting aside to pay for mis-sold PPI claims, with RBS, Barclays and Lloyds Banking Group being among them.

What Next?

How to independently claim back mis-sold PPI

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