424 million was paid out to victims of payment protection insurance (PPI) mis-selling in April this year bringing the total bill across the industry to over 10 billion so far.

Despite the Financial Conduct Authority's new figures revealing the landmark sum, the final industry-wide bill is expected to far surpass this figure (see our PPI guide for help on how to reclaim PPI yourself, for free).

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

Earlier this year a number of banks, including Lloyds Banking Group, RBS and Barclays, set aside further cash to deal with mis-selling claims.

In January, the FCA (or the Financial Services Authority as it was then called) 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 FCA's figures come from the 24 firms responsible for 96% of complaints about PPI sales last year.

Martin Lewis
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Guy Anker, MoneySavingExpert.com news editor, says: "Billions have been reclaimed and there's much more to come.

"If you've had a loan, credit card or mortgage in the past six years, even if it's closed, check if it came with PPI.

"If you think you were mis-sold, get your claim in now it's your money you're claiming back. And never pay a claims firm to do it or you'll lose up to a third of your cash."

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