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The Financial Services Compensation Scheme (FSCS) today warned that claims management companies have taken £20m of the PPI compensation it has dished out
The number of consumers making claims for mis-sold payment protection insurance (PPI) from failed firms increased by 70pc in 2012, according to new figures from the Financial Services Compensation Scheme (FSCS). However, the number coming from claims management companies far outstrips the number of individual claims by more than nearly two thirds. The FSCS can pay out when a company which has mis-sold PPI to consumers goes bust. More than 19,000 people submitted claims in 2012, however nearly 60pc of these complaints came from claims management companies (CMCs) totalling more than £29m in compensation. It suggests these CMCs have taken £20m of its PPI payouts since 2008, having been responsible for £89m of the £136m claimed.....Read more here
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