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Redress paid to complainants involved in the payment protection insurance (PPI) mis-selling scandal totalled £776 million in the year to September 30th, figures from the Financial Services Authority (FSA) revealed. There was a dip in the amount paid in September as it came to £222 million, compared to £239 million the previous month.
As such, the nation’s big four, Lloyds,HSBC, Barclays and RBS, have set aside around £6 billion between them to counteract the controversy, with Lloyds footing the highest bill at £3.9 billion during the nine-month period. The city watchdog said it received complaints data in arrears from 16 separate firms that accounted for 92 per cent of the total PPI complaints made in the first half of this...Read more here---> PPI redress amounts to £776m
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