16 firms, representing 92% of PPI complaints received in the first half of 2011, have paid a total of £215 million in redress between January and June 2011 inclusive, according to the FSA.
In May and June alone, following the dismissal of the industry’s legal challenge to the FSA and the Financial Ombudsman Service (the Ombudsman), £102 million was paid out.
The remaining 8% consists of approximately 400 other firms.
Margaret Cole , interim managing director of the FSA’s conduct business unit, said: “The treatment of PPI complainants has left an indelible stain on the financial industry’s record. By releasing these figures we’re providing a useful measure of firms’ progress that can be tracked on an ongoing basis.
