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PPI payouts reach record levels in November

The high number of people claiming against mis-sold payment protection insurance (PPI) led to record payouts in November, new figures have suggested.

According to the Financial Services Authority (FSA), £379 million was awarded to Britons who had successfully lodged a claim during the month.

This represented a significant rise on October, when £278 was issued to those who had been unfairly signed up to PPI packages.

The information supplied to the FSA came from 16 firms that dealt with 92 per cent of all PPI cases in the UK.

It is likely that this figure will be surpassed in the near future, as the Financial Ombudsman Service reported earlier this month that it had received unprecedented amounts of complaints in the final three months of 2011 and there will be a backlog of cases to deal with in 2012.

Prime minister David Cameron and his deputy Nick Clegg have both called for bankers' bonuses to be reduced this year to reflect the huge sums that are being paid out to PPI claimants.

Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers.

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