PPI redress hits £215m in H1


Payment Protection Insurance (PPI) complainants received a total of £215m in redress in the first half of 2011, the Financial Services Authority (FSA) has revealed.

A total of 16 firms paid out, representing 92% of PPI complaints received in the first half of 2011. In May and June alone, following the dismissal of the banking industry's legal challenge to the FSA and the Financial Ombudsman Service, £102m was paid out. The monthly totals are: • January - £29m • February - £31m • March - £28m • April - £25m • May - £37m • June - £65m The figures include the value of ex-gratia payments made to complainants and cases settled by the Ombudsman. Margaret Cole, interim managing director of the FSA's conduct business unit, said: "The treatmen...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes



Already a Professional Adviser member?


More on MPPI

PPI provider offers 30% commission

Online payment protection insurance (PPI) provider Paymentcare is offering a 30.8% commission to brokers who switch clients' policies to one of its products.

clock 14 February 2012 •

Longevity - If the genes fit...

Ever wondered why females tend to outlive males? Is gender a ‘short-cut' - a proxy to behavioural differences? Eli Friedwald takes a tour of the competing theories trying to explain the difference in life expectancy between the sexes

Eli Friedwald
clock 26 September 2011 • 7 min read

PPI mis-selling crisis strikes Ireland

The Irish Central Bank has launched an investigation into the mis-selling of payment protection insurance on loans.

Liz Mc Mahon
clock 16 August 2011 •