PPI redress soars to new high

According to latest figures from the FSA, £379m was paid in redress to customers in November, a massive [asset_library_tag 3954,41% increase] on October's previous high of £268m. The total paid rapidly approaching the £1.5bn level after it smashed through the £1bn mark a month earlier. The Financial Ombudsman Service (FOS) recently revealed plans to make firms who contribute more than 25 cases pay £350 per case to fund the service. This could potentially add a further £55m to the annual bill for the biggest PPI missellers. The data comes from 16 firms which together received 92%...