CMCs pocketed £7.4m from PPI claims in 2012
Claims management companies (CMC) made more than £7.4m from UK consumers claiming compensation for mis-sold payment protection insurance (PPI) in 2012.
Figures from the Financial Services Compensation Scheme (FSCS) revealed that of 19,000 claims submitted over PPI last year, 59% came from CMCs.
The number of claims made via CMCs has fallen since 2011, when 76% were made by such firms.
The average payout to those making their own claim in 2012 was almost £4,895, compared to £3,837 to those who used a CMC.
With CMCs taking an average of 25% of compensation, the average claimant pays almost £960 of their compensation to the firm they have used to
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