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PPI mis-selling claims could top £14bn

Claims regarding the mis-selling of payment protection insurance (PPI) in the UK appear set to breach the £14 billion mark in the coming months, new figures from Gilbert Financial Research have revealed.

To date, the study shows £8 billion-worth of claims have been settled, while a further £4 billion are in the process of settlement. In addition, it is estimated that up to £2 billion in mis-sold PPI deals could be awaiting refunds.

Meanwhile, the survey also revealed that two out of every nine UK adults could have been affected by the mis-selling scandal.

Peter Warburton, director of Economic Perspectives, commented: "PPI payments are reminiscent of the privatisation proceeds of the 1980s and 1990s and are sufficiently large and widespread to influence the seasonal mood."

The news follows the announcement that the deluge of complaints and claims regarding the mis-sale of PPI has led to the Financial Ombudsman Service being required to take on an additional 500 members of staff to deal solely with the issue.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801498621-ADNFCR

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