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Mis-sold PPI compensation payouts hit £12bn

  • 15/10/2013
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Mis-sold PPI compensation payouts hit £12bn
Financial services firms have paid customers compensation worth £12bn in response to misselling payment protection insurance claims.

The Financial Conduct Authority’s latest figures show £446m was paid out to customers in August 2013 by the 24 firms that account for 96% of complaints.

The August payout was 15% lower than that in July, but still ranks as the third highest pay out this year. Payouts peaked in June 2012, when firms paid customers £612.3m in compensation.

The Financial Ombudsman Service has received up to 3,000 complaints about PPI per day, making it the most complained-about product ever.

In September, FOS chief executive Natalie Ceeney said consumer expectations of the financial services had risen.

“We can’t put that genie back in the bottle,” she said.

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