The total payout for mis-sold PPI is heading for £34 billion, just months before the PPI claims deadline in August.
Figures released by the Financial Conduct Authority (FCA) show that £306 million was paid out in November last year, maintaining the average of £⅓ billion a month throughout the year.
If the amount paid out for December claims maintains the same level the grand total could be very close to £34 billion with £4 billion being paid out in 2018 alone.
Britain’s lenders continue to receiving thousands of new claims a week, but FCA chief executive Andrew Bailey is still worried that thousands may miss out on their chance to make a claim before the deadline on August 29th.
Check and complain
He said: “Almost three quarters of us wish we were better at complaining and the same number say it’s important to them to be treated fairly.
With time running out to claim for mis-sold PPI, we want to make sure everyone feels empowered to check and complain before the deadline on August 29th 2019.”
The FCA’s consumer awareness campaign is aimed at the millions of people who bought a PPI policy over the past two decades and may have been mis-sold.
It is spending £42 million to try to get the message across and admits time is now running out for people who think they may have a claim to do something about it.
Potentially billions of pounds remain at stake for millions of consumers.
Megan Butler, director of supervision at the FCA said: “There were 64 million of these policies sold. This is industrialised mis-selling.
As far as we can tell there are likely to be millions of people who may be owed thousands of pounds.”
Another FCA spokesman said 12 million consumers have made successful PPI claims so far on a total of 24 million policies with another four million claims being rejected.
From the figures quoted it would appear that there are more than 30 million potential claims still to be made with an average payout of £1,700 per successful claim.