PPI payouts remain high despite drop in complaints

UK banks paid out £383m in compensation in July for mis-sold PPI


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In the first half of 2014, the overall number of complaints filed with the UK's Financial Conduct Authority (FCA) continued to fall, maintaining the decline that started at the end of 2012. The ongoing fall in complaints about mis-sold payment protection insurance (PPI) products was largely responsible. PPI still accounted for a majority of complaints – 52% of the 1.12 million total complaints received in the six-month period – but the absolute number received has dropped

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