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Which? welcomes PPI compensation payouts of £1.9bn

Consumer advocacy group Which? has welcomed news that £1.9 billion was paid out as Payment Protection Insurance (PPI) compensation during 2011.

However, executive director for the organisation Richard Lloyd noted this is still under one-quarter of the amount banks are expected to refund.

He explained many people could find making PPI claims too confusing or time-consuming.

"Banks must streamline the process to make it easier for people," the expert stated, arguing this would make it simpler for members of the public to make PPI claims.

However, Mr Lloyd expressed his pleasure that PPI compensation is beginning to speed up.

His comments follow the release of data from the FSA, which revealed the largest monthly payout for this purpose was in December, when £441 million was made in redress.

Workers at Lloyds Banking Group recently had to return bonus payments due to the PPI scandal and it is thought as much as £2 million could eventually be clawed back.

Charles Baker
Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801299608-ADNFCR

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