Banks in record payout for insurance mis-selling scandal - Business News - Business - Evening Standard
       

Banks in record payout for insurance mis-selling scandal

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Nick Goodway

22 February 2012

UK banks paid out £1.9 billion in compensation to thousands of people last year over the massive mis-selling payment protection insurance scandal.

That is still only just over a quarter of the £7.6 billion total which the banks expect to have to pay. But the Financial Services Authority, which is tracking the pay-outs, today pointed out that December saw the highest monthly level of compensation at £441 million.

But consumer group Which said this was not good enough. Richard Lloyd, director, said: "It's good to see the PPI payout is finally starting to speed up, but last year's compensation of £1.9 billion is less than a quarter of what lenders expected to refund. Too many people are still finding the claims process too lengthy. The banks must streamline the process to make it easier for people to claim."

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