MoneySavingExpert.com homepage
Cutting your costs, fighting your corner
Founder, Martin Lewis · Editor-in-Chief, Marcus Herbert
Search bar closed.
MSE News

PPI mis-selling bill reaches £8.9 billion

pound_coins_stacked2
Helen Knapman
Helen Knapman
News & Investigations Editor
8 March 2013

£439 million was paid out to victims of payment protection insurance (PPI) mis-selling in January, the Financial Services Authority (FSA) has revealed.

The monthly figure has risen since December, when £360 million was paid out.

It brings the total amount paid out for mis-sold PPI since January 2011 to £8.9 billion. The total industry-wide bill is expected to reach up to £15 billion.

The largest monthly payout to date was £735 million, in May 2012.

Earlier this month, Lloyds Banking Group set aside a further £1.5 billion for refunding customers who were mis-sold PPI, bringing its total costs to £6.8 billion since January 2011.

Last month, the Royal Bank of Scotland allocated another £450 million to cover PPI claims, bringing its total to £2.2 billion, while Barclays also set aside a further £600 million in February, taking its total bill so far to £2.6 billion.

In January, the FSA held discussions with the British Bankers' Association over the possibility of setting a deadline for reclaiming PPI, a proposition MoneySavingExpert.com strongly opposes (see the Claim PPI now MSE News story).

The FSA's figures come from the 24 firms responsible for 96% of complaints about PPI sales last year.

MSE Forum
Forum image
MSE Email icon 11 February 2025

For all the latest deals, guides and loopholes simply sign up today - it’s spam free!

Compare+ Home Insurance tool
Beat 19% price hikes
Stop overpaying on energy
Beat 6% April rise
Cheap medical insurance
Our five must-knows
30+ AI tools
To save time & hassle
Beat Microsoft price hike
Of up to £30 a year
Top 5% savings
Post base-rate cut
When will mortgages fall?
See lender-by-lender
Tools and calculators

Clever ways to calculate your finances

Find your odds of getting top cards
Find your odds for getting a cheap loan
Compare broadband, phone & TV deals
Compares thousands of mortgages
Eight calcs to help you work out the cost
We ensure you’re on the cheapest tariff