Payouts for PPI compensation continue to surge as figures surpass £29bn
Compensation figures for mis-sold Payment Protection Insurance (PPI) are continuing to surge according to the latest figures from industry regulator the Financial Conduct Authority (FCA).
In November last year £398m was repaid to UK consumers who were victims of ‘the biggest mis-selling scandal in financial services history’.
That means almost £3bn alone was paid out in total during 2017, and takes the overall bill of the saga past £29bn.
It is the fourth consecutive monthly increase and represents the biggest monthly figure since April 2016.
Indeed the latest monthly payout total is almost double what was seen in April, and is the biggest November on record since 2013.
With less than 18 months to go until the claims deadline many consumers are checking their finances now before the system becomes backlogged.
There is also a new reason for potential complaints to be made thanks to new rules brought in by the FCA in August, based on undisclosed high levels of commission.
Now just having PPI could mean consumers are due money back and although they often result in lower offers than those seen in mis-selling cases, here at The Fair Trade Practice we have still seen commission-based complaints command as much as £30,000* in redress.
It is hard to believe then that despite these huge sums paid out so far almost £15bn worth of lender provisions are still yet to be claimed. The regulators themselves recently estimated that 4 in 5 potential complaints about PPI were yet to be made.
More people than ever before are checking for PPI with us, so if you are still yet to check your own finances why not join them?
We are the ethical choice in the industry with more than 95%** of our new customers recommended to us by someone they know.
Start investigating today, beat the queues and get peace of mind on PPI before the deadline.
Just click below to get started.
*Offer received January 2018
**As at November 2017