PPI reimbursement will cost up to £3bn - Defaqto

The regulator envisages, in a response to consultation document CP 09/23, that compensation for customers who have complained may cost the PPI industry between £700m and £1.2billion. Worryingly, the potential cost of reimbursing customers who have not complained could mean a further bill of between £1bn and £3bn. Ben Heffer, insight analyst at Defaqto and author of Defaqto's PPI report said: "Given the scale of potential compensation amounts there is certain to be a lot of legal argument. The banks and lenders are not going to want to give up this much revenue without a fight and some re...