The number of people making claims for mis-sold payment protection insurance (PPI) from firms which have gone bust has almost doubled year-on-year, figures showed today. More than 19,000 people submitted cases in 2012, compared with just over 11,000 in the previous year, the Financial Services Compensation Scheme (FSCS) said.

The share of people using claims management companies (CMCs), which typically take a quarter of any payout, dropped to 59 per cent in 2012, from 76 per cent the previous year, the FSCS said. The average payout to people who brought their own claim in 2012 was almost £4,895, compared to £3,837 to those who used a CMC. However, the share of complaints which were upheld in consumers' favour was slightly higher in cases when a CMC was used last year, at 82 per cent, compared with 73 per cent when someone had brought a case themselves.....Read more here