PPI Compensation could reach £2.7bn
31 August 2010
£2.7 Billion pounds in compensation could be refunded to 2.75 million people who have been mis-sold Payment Protection Insurance ( PPI ) after the Financial Services Authority ( FSA ) gave banks and other lenders until 1 December 2010 to adopt new rules for dealing with PPI complaints.
The FSA expects the financial services industry to deal with more than 500,000 complaints a year for the next five years after finding what it described as "wide and deep evidence of weaknesses in PPI sales".
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