PPI payouts slowed in January

clock

Compensation payments due to consumers mis-sold Payment Protection Insurance (PPI) slowed in January for the first time since September, with £403m paid in redress.

This was down from the peak of £441m paid out in December, bringing the cumulative total paid out since January 2011 to £2.5bn. The latest figure comes from data collected from 24 firms, up from the 16 firms previously used to assess the payouts, and now accounting for 96% of all PPI complaints received. Despite the large payouts already seen, the FSA recently told firms who have sold PPI policies that they must contact potential mis-selling victims to inform them of their right to compensation. At the time, FSA managing director Martin Wheatley said: "We think that the redress due...

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

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA urged to 'think again' on targeted support annuity rules

FCA urged to 'think again' on targeted support annuity rules

Regulator’s MoneyHelper signpost criticised as a ‘real limit’

Isabel Baxter
clock 03 September 2025 • 2 min read
FCA continues data reporting cuts

FCA continues data reporting cuts

Regulator removes more data returns

Isabel Baxter
clock 28 August 2025 • 1 min read
Regulatory and employment-related changes – what do firms need to prepare for?

Regulatory and employment-related changes – what do firms need to prepare for?

‘Getting these issues right is not just about avoiding regulatory action or tribunal claims’

Sophie White
clock 21 August 2025 • 4 min read