but are accused of doing 'very little' for it

• Six firms enjoyed a turnover of £155million in the last year
• Households owed PPI can apply directly without paying a middleman
• PPI payments have hit £17billion so far - but the bill is still rising
  

It will come as no surprise to anyone who has been inundated by recorded phone messages, texts and cold calls about PPI claims. But new analysis published today reveals PPI claim firms raked in a massive £155million in commission in the past year alone. At least seven firms enjoyed a turnover of between £7.3million and £40.3million last year, although consumer groups have accused them of doing ‘very little’ for it. PPI was supposed to help policyholders repay loans and credit card debts in the event of illness, accident, redundancy or death - but widespread mis-selling since the late 1990s meant providers were forced by regulators to compensate millions of customers retrospectively. Anyone who is owed compensation for mis-sold payment protection insurance can apply for it directly to their bank, or if that fails through the official Financial Ombudsman Service, and won’t pay a penny.....Read more here