PPI payments hit £215m in first half of 2011
The Financial Services Authority (FSA) has revealed that consumers who complained about being mis-sold payment protection insurance (PPI) received £215m from firms in the first six months of 2011.
The regulator stated that the rate of payment had increased from £29m in January to £65m in June after the dismissal of the legal challenge to the FSA and the Financial Ombudsman Service.
In a monthly breakdown of payments the FSA noted that £31m was paid in February and £28m in March and that £25m and £37m was paid in April and May respectively.
It added that 16 firms accounted for 92% of PPI complaints in the first half of 2011 with a further 400 making up the remaining 8%.
The regulator also
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