Banks’ slow reaction to the mis-selling of payment protection insurance (PPI) meant claims management firms pocketed £5bn of consumers’ compensation, a report has claimed. New analysis from Citizens Advice and Citizens Advice Scotland found 39% of people who used a claims firm were not aware they could make a claim without the assistance of a claims management company. But 47% of those who used a claims company admitted if they were aware of the free materials available to make a claim, they would not have used a claims firm. Gillian Guy, chief executive of Citizens Advice, said: “Consumers have lost out on billions of pounds worth of compensation because banks were too slow to get a grip on he PPI scandal.....Read more here