PPI payouts heading for £11 billion mark

Figures due to be released soon by the UK Financial Conduct Authority (FCA) could bring the total cost of mis-sold payment protection insurance (PPI) close to – or even more than – £11 billion.

By May this year – the latest date for which the FCA has provided figures – the total had reached £10.468 billion. And, with the payments for the past six months close to around an average of £405 million a month, the June figures, due to be released soon, would bring the total to roughly £10.9 billion –

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