Which? has urged banks to streamline their payment protection insurance (PPI) claim process or risk exposing customers to claims management companies, after just a quarter of the promised amount of redress was paid out in 2011.
As COVER reported earlier, FSA figures today showed that almost £2bn was paid out by lenders in 2011 to compensate customers mis-sold PPI, with a new monthly high reached in December of £441m made in payments. This was 16% up on November's total of £379m and 64% up on October's figure of £268m. The FSA figures only include data from 16 firms that accounted for 92% of all PPI complaints in the first half of the year, meaning the real total is likely to have already exceeded the £2bn mark. However, Which? highlighted that the redress made in 2011 was just a quarter of the estimated £...
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