PPI redress soars to over £750m

The payment protection insurance (PPI) mis-selling scandal has cost the financial services industry more than three quarters of a billion in redress payments to customers in the first three quarters of the year.

According to latest figures from the FSA, £220m was paid out in September to customers complaining about being previously mis-sold the product.

This took the overall total to £776m.

September's figure is slightly below the August high of £239m and although still significantly higher than other months, it potentially indicates that the peak may have been reached.

However the pain my not yet be over as earlier this month the Finanical Ombudsman Service announced it was considering increasing its levies to the industry as a result of a spike in PPI claims.

The ombudsman said it had seen claims rise climb from less than 1,000 per week to over 3,000 in recent months.