PPI compensation hits £9.3bn and counting

A further £409m was paid back in February to customers who complained about the way they were sold PPI. This is down from £439.3m in January, but up from £360.1m in December 2012. February's figure brings the amount paid out for mis-sold PPI since January 2011 to £9.3bn. The figures come from 24 firms that made up 96% of complaints about the sale of PPI last year. During 2011 the then Financial Services Authority (FSA) covered 16 firms which accounted for 92% of PPI complaints. PPI was the most complained about financial product in the second half of 2012, attracting 2.17 mil...