Industry Regulator, the Financial Conduct Authority, has released figures for monthly PPI pay outs up to October 2019. In October, Lenders refunded £429.2 million (including administrative costs), up from £384.6m in September. This brings the total amount paid back to customers who complained about the sale of their PPI to £37.6 billion (including administrative costs), paid from January 2011 up to October 2019.
Even after the PPI deadline of 29 August 2019 the mis-selling scandal continues, with many more Complaints made to Lenders in Summer 2019 than was expected.
Many Lenders informed the Regulator that due to the increase in volume they expect to still be processing Complaints into the summer. According to Which? many customers are still waiting for acknowledgment that their Complaints, submitted six months ago, have been received, and will have to wait longer to find out if they have been awarded a refund and Compensation.
At The Claims Guys we continue to work closely with Lenders to process Claims for our customers.