The scale of the £9billion insurance mis-selling racket affecting millions of Britons was today laid bare by a damning report which shows compensation claims to banks sky-rocketed in the final months of 2011. Official data released by the City regulator, the Financial Services Authority (FSA), showed complaints about payment protection insurance (PPI) rose 85 per cent to just under one million in the second half of last year. The figures paint a picture of banks inundated with letters, calls and emails from throngs of angry customers. PPI, an insurance sold alongside credit cards and loans to cover payments if the borrower lost their job, was widely mis-sold by banks who often failed to check if the policy was appropriate....Read more here