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Claims firms champion PPI victims

The vast majority of payment protection insurance claims brought by individuals come via a PPI claims specialist.

According to new figures from the Financial Services Compensation Scheme (FSCS), more than three-quarters of consumers use claim management firms to address issues of mis-selling and non-payment.

The FSCS has claimed that of the 21,575 PPI claims it received between 2008 and 2011, 16,387 came directly from claims firms.

Just 5,188 cases were made by individual policyholders themselves.

It seems that PPI claims specialists have been relatively successful when bringing claims to the FSCS, with the average payout for a claim reaching £4,534 and the total amount paid out by the regulator reaching £77.5 million.

Thanks to the large number of successful claims, the FSCS is planning on boosting its levy on firms dealing in PPI, with insurers expecting to pick up more than half of the £221 million compensation bill that is predicted in the coming year.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801285874-ADNFCR

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Belmont Thornton Limited is regulated by the Claims Management Regulator in respect of regulated claims management activities; our registration is recorded on the website number 18273

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