Regulator the Financial Conduct Authority (FCA) has announced that total redress paid out now stands at nearly £12bn. A review by the FCA has looked into the complaints handling of 18 medium and small sized firms.
The FCA has found that of those 18 firms, 12 have "serious problems with complaint handling decisions and communications to customers". Smaller institutions account for around 16 per cent of the total payouts.
Clive Adamson, director of supervision at the FCA, said:
We expect firms to deliver fair outcomes to PPI complainants. In our review, we found that some firms are doing this while it is clear others still have some way to go.
I am encouraged that the firms in scope of our review have taken immediate steps to put in place the necessary remedial measures and I expect them to ensure they have robust processes in place to work through the remaining complaints, so that eligible complainants can be paid out as quickly as possible.