According to new data, the stream of people wishing to reclaim mis-sold payment protection insurance has not stopped, with data showing that ppi compensation amounts are running into the billions of pounds each month.
The Financial Conduct Authority released information which shows that twenty-three companies who collectively make up ninety-five percent of the ppi claims made by people in the United Kingdom have claimed over £26 billion from the UK’s banks since the scandal took off in 2011.
in 2016 alone, the amount paid-out by banks for mis-sold PPI came to £3.4 billion, which is nearly £300 million in ppi claims compensation per month.
The FOS also said that banks, building societies and credit card companies are falsely rejecting over 50% of ppi claims made against them.
Below is some of the data released by the FCA: