More than £10bn has now been returned to
payment protection insurance (PPI) policyholders by the banks and building societies that mis-sold it to them, according to the latest figures from the Financial Conduct Authority (FCA).
Since January 2011, £10.1bn has been paid back to customers who complained about the way they were sold PPI.
The £424m repaid in April this year took the figure over the £10bn mark in what consumer group Which? called the “biggest financial mis-selling scandal of all time”.
Lloyds, HSBC, Santander, Nationwide and RBS are among the banking giants to have returned money to consumers.
A total of £14bn has been set aside by banks for compensation. Lloyds Banking Group has made the biggest provision, putting aside £6.7bn so far to compensate customers of Lloyds TSB, Black Horse Finance, Halifax and Bank of Scotland.
