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PPI claims bill tops £7bn

More than £7 billion in mis-sold payment protection insurance (PPI) has been paid back to customers in just 18 months, new figures from the Financial Services Authority (FSA) show.

The bill for PPI claims was £516 million in September, bringing the total amount paid back since January 2011 to over £7 billion, the city regulator said.

Some analysts have predicted that the total for mis-sold PPI claims could reach £15 billion.

The most recent figures were taken from 24 companies that make up 96 per cent of all PPI complaints.

In January 2011 just £36 million was paid back by the banks, rising to over £535 million by the end of the year.

Last year the FSA reported on 16 firms which accounted for 92 per cent of PPI complaints.

Since the start of 2012 and the inclusion of eight more firms in the figures, the amount returned has not fallen below £400 million.

May saw the biggest bill with over £730 million paid back in just the one month.

Seven in ten PPI claims are upheld and the typical payout is £2,750.

Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers.ADNFCR-2776-ID-801493096-ADNFCR

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