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£3 billion in just six months
Banks could run out of money set aside to compensate victims of the PPI ‘loan protection racket’ after paying out £3billion in the first six months of this year. The number of new complaints about mis-selling of Payment Protection Insurance more than doubled to 2.2million from January to June. This represented a 129 per cent increase on the previous six months, according to the Financial Services Authority (FSA). The banks have paid out £6billion in PPI compensation since the beginning of 2010. Now consumer champions at Which? say the banks have dramatically underestimated the bill for compensating all those conned by the biggest financial scandal in UK banking history. They warn that the final bill could top the £10billion set aside by the industry to provide refunds and redress to all those who were....Read more here: Banks-run-PPI-refund-money-paying-3-billion-just-months
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