PPI payouts hit new monthly high
Customers received £441m in payment protection insurance (PPI) payouts in December 2011, figures from the Financial Services Authority (FSA) have revealed.
This was the largest monthly payment yet, and brings the total compensation paid out in 2011 to £1.9bn.
Richard Lloyd, executive director of Which, said that this figure represented less than a quarter of the amount lenders expected to refund and recommended that the system for dealing with complaints be simplified.
He said: “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."
Mr Lloyd added that Which
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