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PPI refunds could reach £2.7bn

UK lenders could issue around £2.7 billion in payment protection insurance (PPI) refunds, it has been revealed.

The Financial Services Authority (FSA) recently announced new guidelines which will force financial institutions to process 550,000 complaints a year for the next five years.

This will mean nearly three million British consumers could be awarded between £900 and £1,800 in compensation, depending on the type of policy they purchased.

Around 100,000 complaints have already been sent to the regulatory body, which overturns around 80 per cent of cases in favour of the consumer.

The FSA told the BBC: "These trends suggest that there is an even greater extent of mis-selling and potential consumer detriment than we had assumed in [2009] and that makes the need and case for an effective approach to addressing such detriment stronger, not weaker."

The estimated amount of total compensation is based on an assumption that certain firms will contact customers who may have been mis-sold PPI but not issued a formal complaint.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt ADNFCR-2776-ID-800023739-ADNFCR

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