The British Financial Services Authority (FSA) published the amount of redress that firms paid during the first six months of 2011 to consumers who have complained about the way they were sold payment protection insurance (PPI). According to this data 16 firms, representing 92 per cent of PPI complaints have paid a total of 215 million Pound in redress between January and June 2011.
Margaret Cole, interim managing director of the FSA’s conduct business unit, commented: “The treatment of PPI complaints has left an indelible stain on the financial industry’s record. By releasing these figures we’re providing a useful measure of firm’s progress that can be tracked on an ongoing basis. … We remain 100 per cent committed to ensuring that where consumers were mis-sold PPI they will receive the appropriate redress from firms, and we are monitoring firm’s progress to ensure this is done properly. Where we find that this is not to be the case, we are not afraid to take tough action.”
Furthermore, the FSA has published a video guide explaining the process of filing a complaint.