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Which? notes £5bn of PPI refunds still available

There is still around £5 billion worth of payment protection insurance (PPI) compensation available.

This is according to Richard Lloyd, executive director of consumer advocacy group Which?, who said during a BBC Wake Up to Money podcast the product had been missold for over one decade.

Some of the people who received PPI were on fixed-term contracts or self-employed, so it would "never offer any protection" to these individuals, he remarked.

Other times, recipients "didn't even know they were buying it", the expert continued.

Mr Lloyd called it "one of the biggest misselling scandals in financial services history".

Therefore, the banks had to make a large provision to cover PPI refunds, he explained.

Presenter of the podcast Andy Verity noted that "billions of pounds of misselling" occurred as part of the PPI scandal.

Which? previously claimed this issue caused harm to the reputation of the wider protection insurance sector unfairly, with the problems relating to the cover "well documented".

Charles Baker
Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801346909-ADNFCR

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