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PPI payouts 'were almost £2bn in 2011'

In 2011, almost £2 billion was paid as redress for consumers complaining about being missold Payment Protection Insurance (PPI).

This is according to the Financial Services Authority (FSA), which noted PPI compensation hit £1.9 billion during the year.

The largest month for PPI claims was December, when £441 million was given to the public.

A total of 16 firms provided the FSA with data, with these accounting for 92 per cent of all complaints relating to PPI in the first half of the year.

In April 2011, a judicial review into the issue was completed, which resulted in a significant rise in payouts, the FSA noted.

On May 9th of last year, Nemo Personal Finance and the British Banker's Association confirmed they would not appeal against the High Court's judgement into PPI, marking the conclusion of the legal process into the issue.

The FSA will continue reporting on PPI claims throughout 2012 and said it is still not too late to make a complaint.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801299500-ADNFCR

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