PPI redress tips £2bn in 2011

clock • 1 min read

The strain of the payment protection insurance (PPI) mis-selling scandal shows no sign of slowing as figures from the FSA show redress payments surged to a new monthly high in December.

It took the total paid during 2011 to within touching distance of £2bn, although this sum is likely to be dwarfed by the final total, expected by some to reach as much as £8bn. December's new high of £441m eclipsed November's £379m, which itself was 41% up on October's figure. The statistics provided by the FSA only include data from 16 firms that accounted for 92% of all PPI complaints in the first half of the year. It is therefore likely that the real total has already surpassed the £2bn barrier.

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