PPI payouts slowed in January


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...

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