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FSCS forecasts rise in PPI refunds over 2012

There is likely to be a significant increase in the number of consumers looking for payment protection insurance (PPI) refunds and claims during the coming year, research has revealed.

Figures from the Financial Services Compensation Scheme (FSCS) forecast it will receive approximately 16,500 statements from people arguing they were missold PPI from failed companies from 2012 to 2013, confirming an increasing trend for PPI claims.

The group anticipates that over this period, it could pay out an estimated £70 million due to missold PPI.

FSCS chief executive Mark Neale argued: "The significant uplift in PPI claims shows no sign of slowing down."

Further research from the organisation revealed almost three-quarters of people use specialist companies to help them in their application.

Since 2001, the FSCS has paid out over £36 billion, with £77.5 million of this for PPI.

This has helped over 4.5 million members of the public receive compensation and payment protection refunds.

Amir Hussain
Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801297260-ADNFCR

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