PPI redress tips £2bn in 2011

clock • 1 min read

The strain of the payment protection insurance (PPI) mis-selling scandal shows no sign of slowing as figures from the FSA show redress payments surged to a new monthly high in December.

It took the total paid during 2011 to within touching distance of £2bn, although this sum is likely to be dwarfed by the final total, expected by some to reach as much as £8bn.

December's new high of £441m eclipsed November's £379m, which itself was 41% up on October's figure.

The statistics provided by the FSA only include data from 16 firms that accounted for 92% of all PPI complaints in the first half of the year.

It is therefore likely that the real total has already surpassed the £2bn barrier.

fsa-ppi-stats-2011-total

More on Regulation

FCA proposes reduction of data reporting for firms

FCA proposes reduction of data reporting for firms

Supports regulator’s aim to ‘reduce burden’

Isabel Baxter
clock 17 April 2025 • 2 min read
Christine Elliott departs as PFS chair

Christine Elliott departs as PFS chair

Carla Brown takes the role

Isabel Baxter
clock 15 April 2025 • 2 min read
FCA takes aim at bereavement and PoA policies

FCA takes aim at bereavement and PoA policies

Good and bad practices released

Cameron Roberts
clock 14 April 2025 • 3 min read

Highlights

COVER Survey: Advisers damning of protection insurer service levels

COVER Survey: Advisers damning of protection insurer service levels

"It takes longer than ever to get underwriting terms"

John Brazier
clock 12 October 2023 • 5 min read
Online reviews trump price for young people selecting life and health cover

Online reviews trump price for young people selecting life and health cover

According to latest ReMark report

John Brazier
clock 11 October 2023 • 2 min read
ABI members with staff neurodiversity policy nearly doubles

ABI members with staff neurodiversity policy nearly doubles

Women within executive teams have grown to 32%

Jaskeet Briah
clock 10 October 2023 • 3 min read