Some of the nation’s leading banks are dishing out millions of pounds to pursue payment protection insurance (PPI) redress claims from invalid complainants, it has been revealed. According to a study by City Wire, Nationwide alone has injected a further £15 million into its £19 million redress fund as it follows-up PPI claims, 30 per cent of which have been time-wasting exercises. The report suggested that the High Court battle between the Financial Services Authority and banks had helped induce the surge in claims, many of which came from claims management companies.

Lloyds revealed almost half of its claims were made by such companies, with 20 per cent of the cases coming from customers who never had a policy with its.....Read more here---> Banks fork out millions on ‘time-wasting’ PPI claims