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Daily Insurance Industry News
Tuesday 23rd of January 2018
August 30, 2011

FSA publishes PPI redress figures

by Gill Montia

Story link: FSA publishes PPI redress figures

The Financial Services Authority (FSA) has published details of the redress paid to consumers who have complained about the way they were sold payment protection insurance (PPI).

In the first six months of the year, 16 firms representing 92% of PPI complaints received, paid a total of £215 million, with £102 million paid out in May and June alone, following the dismissal of the industry’s legal challenge to the regulator’s new rules on handling the complaints.

The figures have been published to allow firms, consumers and other interested parties to keep track of the progress being made, and the move comes alongside a new video guide, available on the FSA website, explaining how best to complain to financial services providers.

The regulator’s interim managing director of its conduct business unit, Margaret Cole, comments: “While the amount of redress paid in May and June is unsurprisingly large in the wake of the judicial review, looking ahead we expect the amounts to vary somewhat as firms clear their backlogs while dealing with complaints as well.”

She adds: “We remain 100% committed to ensuring that where consumers were mis-sold PPI they will receive the appropriate redress from firms, and we are monitoring firms’ progress to ensure this is done properly.”

 

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