PPI payouts hit new monthly high

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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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