PPI mis-selling firms pocket £22m
Simon Read is Personal Finance Editor at The Independent. He edits the Saturday Your Money section and writes the Daily Money column and Wednesday’s Midweek Money section in i newspaper. He also writes for the news and business pages of the Independent and i newspaper and is a regular money commentator on TV station London Live. He has won numerous awards including Consumer Finance Journalist of the Year.
Wednesday 06 February 2013
Claims management firms last year pocketed £7.4m of the compensation awarded to victims of the PPI mis-selling scandal who turned to the Financial Services Compensation Scheme (FSCS) because the firm they dealt with has gone bust.
The FSCS said that consumers have needlessly handed £22m to claims firms since the scandal erupted, with the average person paying £960 of their compensation.
In 2012, three-fifths of claims came from managers, despite the fact that consumers can claim direct for free.
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