The Financial Services Authority and the Financial Ombudsman Service have had their fair share of PPI claims to deal with over the last 12 months and we’ve written about it at length. But we haven’t touched on the actual monetary refunds and compensation payments and how they are made.

This side of a successful claim is handled by the Financial Services Compensation Scheme (FSCS) which is a big ol’ pot of money put together by all the banks, lenders and insurers to cover any ’sub-standard dealings with customers’, shall we say. Last financial year, it paid out £204 million to over 21,000 claimants with over two-thirds of the cash going to victims of mis-sold Payment Protection Insurance. This just goes to show that the money is there for you to claim and there’s never been a better time to get started.

Related posts:

1. Mis Sold PPI Isn’t The Only Insurance Policy That Won’t Pay Out
2. PPI Mis Selling Occured On 2 Million UK Policies – So There’s A Good Chance You’ve Got One
3. PPI Compensation Payouts Contribute To £6.3bn Loss For Lloyds
4. PPI Claims, Complaints, Rule Changes And Big Payouts
5. Mis Sold PPI Claims Force FOS To Shift Resources