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FSCS reveals 84% growth in PPI claims

There was an 84 per cent annual increase in the number of payment protection insurance (PPI) claims received by the Financial Services Compensation Scheme (FSCS) during the 2011 to 2012 financial year.

Welcome Finance represented a significant proportion of these PPI refunds, with the FSCS obliged to deal with cases from this firm.

It estimated this saved the relevant industries £40 million in PPI compensation.

The organisation revealed it predicts the proportion of PPI claims it receives this year will exceed previous figures.

Overall, the FSCS paid out £347 million during the 12-month period to at least 86,000 individuals, while receiving 97,000 new claims, which is a 145 per cent rise on the previous year's total.

Chief executive of the group Mark Neale described the period as "challenging", noting there were a "great number of complex issues across the financial landscape".

The FSCS is independent of parliament and economic industries and first became operational in December 2001.

Samantha Clarke
Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801405452-ADNFCR

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