PPI compensation payouts reach £1.9bn in 2011
Banks paid out £1.9bn in compensation in 2011 for the mis-selling of payment protection insurance, the Financial Services Authority (FSA) has said.
Payouts accelerated towards the end of the year, with a monthly record total of £441m paid in December.
PPI was supposed to repay people's loans if their income dropped because they fell ill or lost their jobs, but thousands were mis-sold the policies.
Simon Gompertz reports.
22 Feb 2012
- From the section Business