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PPI redress reaches £9.3 billion

PPI redress reaches £9.3 billion

Category: Insurance

Updated: 24/04/2013
First Published: 24/04/2013

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 It is now over 6 months old so the content may be out of date.

The total amount compensated to customers affected by the mis-selling of payment protection insurance (PPI) has topped £9.3 billion, according to figures released by the Financial Conduct Authority (FCA).

Financial service institutions issued £409 million worth of compensation during February, slightly down from the £439.3 million in January, although grievances regarding mis-sold PPI still accounted for the majority of complaints received by banks and building societies.

Earlier this month, the FCA revealed an overall total of 3.4 million complaints had been received by banks and building societies during the second-half of 2012.

The PPI mis-selling debacle has become the biggest scandal to ever hit the UK retail banking sector, with many providers having to set aside provisions to compensate affected customers.

Millions of people were sold payment cover when taking out credit, often when they did not even require it. In some instances PPI was added to financial products without the customer's consent.

What next?

How to independently claim back mis-sold PPI

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.