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27 Apr 20

Over £38 billion paid out for mis-sold PPI (including administrative costs) following a rise in complaints for 2019

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Industry Regulator, the Financial Conduct Authority (FCA), has released figures for monthly PPI pay outs up to November 2019. In November, Lenders refunded £379.6 million (including administrative costs) to Customers. This brings the total amount paid back to customers who complained about the sale of their PPI to £38 billion (including administrative costs), paid from January 2011 up to November 2019. It is likely we will see this amount increase over the coming months as Lender’s conclude their handling of the remaining PPI complaints.

Rise in Complaints

The FCA reported that the volume of PPI complaints increased by 75% from 2.12 million to 3.71 million between the first and second half of 2019. PPI complaints accounted for 62% of all complaints received in the second half of 2019.

Overall, there were 5.83 million complaints about PPI during 2019, an increase of 77% on the 3.30 million complaints about PPI during 2018.

The high increase in number of complaints regarding PPI in the second half of the year aligns with the PPI deadline of 29 August 2019 and the public awareness campaign undertaken by the Regulator. In the run up to the deadline, the FCA published a series of advertisements starring an animatronic Arnold Schwarzenegger urging people to make their Claims before it was too late.

Sources:
https://www.fca.org.uk/data/monthly-ppi-refunds-and-compensation
https://www.fca.org.uk/news/news-stories/ppi-complaints-handling-update
https://www.fca.org.uk/data/complaints-data/aggregate-complaints-data-2019-h2