Redress paid to customers complaining about the sale of payment protection insurance (PPI) has hit £1bn in 2011, following the release of the latest monthly figures from the FSA.
The data showed that October was the highest month yet for redress with firms paying out £268m to consumers. It also reverts to the rising trend that appeared to have eased the previous month. However the previous high of £239m paid out in August and £220m that followed in September were eclipsed by the October figure. Firms provide the FSA with their data one month in arrears. The figures are based on the 16 firms who accounted for 92% of PPI complaints in the first half of 2011.
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