The Financial Conduct Authority (FCA) reports that since January 2011, £24.2 billion has been paid out to customers who were mis-sold payment protection insurance (PPI).
Despite media reports that claims for PPI are coming to an end, the figure for March 2016 (£456.40m) was in fact the largest monthly payout since October 2013. Year on year 2016 has the second highest payout volume for quarter 1 with £1,257.90m compared to £1,380.10m in 2012 – see graph below.
In addition, PPI remains to be the most complained about product to the Financial Ombudsman, by a long way.
188,712 PPI cases were reviewed between April 2015 and March 2016 with 72% of cases upheld. The next most complained about product during the same time period was Packaged Bank Accounts with 44,244 complaints.
The Telegraph reported:
“In March, the total number of complaints about mis-sold PPI passed 1.5 million, accounting for half of all the complaints lodged with the ombudsman since its foundation in 2001.”
Financial Conduct Authority “Monthly PPI Refunds and Compensation” – 18.05.2016
Financial Ombudsman “Annual Review – 2015/2016”
The Telegraph “Borrowers making up to 4.000 complaints about PPI every week” – 26.05.2016