PPI compensation reaches £26.9billion

The total amount of PPI compensation paid since January 2011 is £26.9billion. £246.4million of this was paid out in March to the customers who complained that they were mis sold payment protection insurance.

However, although a large sum to be paid out by banks, it is a significant reduction on the compensation levels paid out in previous years, especially during the height of the PPI scandal when in May 2012, £735.3million was paid out.

After 29 August 2019, consumers will no longer be able to purchase a claim for mis-sold PPI, however, complaints about Payment Protection Insurance policies sold after 29 August 2017 are not subject to the deadline campaign that was launched this year.