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PPI redress bill hits £9.3bn

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The total redress bill so far for missold payment protection insurance has hit £9.3bn, figures from the Financial Conduct Authority reveal.

FCA figures published today show firms paid out £409m in February to compensate customers who were missold PPI, following a payout of £439.3m in January.

The level of redress is drawn from 24 firms that made up 96 per cent of complaints about PPI sales last year.

FCA complaints data published this week showed there was a total of 3,422,384 complaints were made about financial services firms between July and December last year. Of these, PPI accounted for 2,170,537 complaints.

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