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PPI claims could provide lump sum for retirement plans

Payment protection refunds could provide people approaching retirement age with the added financial security they need to be confident they can cease working.

More than one in five 45 to 65-year-olds in the UK now feel their current investments will not be sufficient to allow them to retire, a new report from Standard Life found.

According to the data, only 16 per cent of this age group feel they have enough savings and provisions to feel confident about retiring.

The savings and investments company urged individuals to reassess their budgets.

Recently, figures from the Financial Services Authority (FSA) revealed that £215 million in PPI refunds were paid out by banks and lenders between January and June this year.

"We remain 100 per cent committed to ensuring that where consumers were mis-sold PPI they will receive the appropriate redress from firms, and we are monitoring firms' progress to ensure this is done," said Margaret Cole, the FSA's conduct business unit's interim managing director.ADNFCR-2776-ID-800781231-ADNFCR

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