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News

145% Rise in Banking Compensation Claims

The Financial Services Compensation Scheme (FSCS) – the compensation fund of last resort for customers of authorised financial services firms, which protects customers in cases where the firms have gone under, have reported a 145% increase in the number of compensation claims in the last year. The rise has been attributed to the unprecedented wave of payment protection insurance (PPI) claims.

With only 39,500 claims received during 2010/2011, the FSCS have been overwhelmed by over 97,000 new claims this year. 84% of these claims related to PPI, and the FSCS expects these claim numbers to continue rising well into 2013.

However despite the rise in new claim number, the actual amount of compensation paid out by the FSCS dropped from £535 billion in 2010/2011 to £347 billion this year, which was paid out to over 86,000 customers

The drop in compensation has been attributed to a fall in the number of higher value claims related to major banking failures at the start of the financial crisis.

This year, more than two thirds of the new claims received are related to Welcome Finance, who were declared in default in March 2011, having mis-sold a huge number of PPI policies. However, an inventive restructuring arrangement has meant the cost of compensating claimants and processing new claims has been met by Welcome Finance, and has saved the industry £40 million so far.

Many consumers took out PPI to help repay loans if they fell ill for a long period, or became unexpectedly unemployed. However, several financial institutions started mis-selling the insurance creating a widespread PPI scandal.

If you think you may have been mis-sold PPI, and would like to pursue a claim, speak to the specialists now to find out how much compensation you may owed.

Posted by Joanne Price on 06 Jul 2012

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