Egg customers paid PPI damages

Egg will compensate payment protection insurance (PPI) customers following its fine of £721,000 by the FSA over sales of the product. Egg will issue customers with a dedicated telephone number for concerns about the policy or the way it was sold and compensate where appropriate. Egg is expected to pay £1.67m for every 10% of customers who receive a refund. The FSA found failings in approximately 40% of telephone sales of credit card PPI made by Egg between January 2005 and December 2007.