approximately 12 million consumers have claimed a payout since 2011 and most people spend the windfall immediatelyIt is difficult to remember a year when the British consumer was forced to manage without the proceeds from a mis-selling scandal.
The payment protection insurance (PPI) scandal has proved to be the most lucrative, punishing banks with fines of £22.5bn and administrative costs of another £8-9bn for attaching the expensive insurance cover to credit cards and loans without consumers’ knowledge. Related: FCA unable to estimate future PPI cost to banks Related: The PPI claims deadline all you need to know Continue reading...
Source: theguardian.com