PPI claim payouts reach over £10.5 billion

25 July 2013

It’s nice to have some good news to share in amongst all of the horrible PPI problems!!! The latest figures released by the Financial Conduct Authority (FCA) show that more than £10.5 billion has now been sent out in PPI claim payouts to people requesting PPI refunds since January 2011.

To flesh that out a little, take a look at these old and new numbers released by the FCA:

  • May 2013 – £422 million PPI claim payouts
  • May 2012 – £735 million PPI claim payouts
  • April 2013 – £424 million PPI claim payouts
  • April 2011 – £28.6 million PPI claim payouts

Incredible to see the amount of money involved laid out like this, isn’t it?! These figures were compiled using data from the 24 companies that accounted for 96% of PPI claim complaints across the period, which has risen from the 16 companies that accounted for 92% of PPI claim complaints in 2011. It’s clear to see how demand for action and resolution is on the rise, both in the number of organisations involved, and the overall amount of PPI claim payments made.

Let’s not forget that it was only in April 2011 that the High Court ruled in favour of regulation for PPI claims and compensation and so while the figures look like they’re starting to level or drop off now from the high of a year ago, they could well rise again in the future. For example, as we know many banks appear to be delaying or denying PPI claim enquiries unfairly, so if the regulators or courts fix this issue the numbers will rise rapidly. Similarly, if a PPI claim deadline is initiated by the banks, which has been suggested for some time now, we hope that everyone who could conceivably have a claim will make sure they look into things and don’t miss out on the chance to get back what’s rightfully theirs.

Don’t miss out on your chance to get your PPI claim. Give us a few quick details and we’ll match you with an expert who can help you fight your corner.