Payment protection insurance (PPI) provides coverage for cases in which the consumer struggles to service their debt. This includes unemployment, sickness, or other unforeseen circumstances. PPI is usually offered along with a loan and could be included in the original loan or as part of the repayment. Between 2011 and 2013, several insurance providers were fined because of the miss-selling of PPI. Since December 2019, approximately 33 billion British pounds were paid in refunds and compensations as a result of claims about the sale of PPI.
Monthly payment protection insurance (PPI) refunds and compensation in the United Kingdom (UK) from January 2011 to December 2019
(in million GBP)
The source adds the following information: "The PPI redress figures for October, November and December 2014 were updated on 7 April 2015. The PPI redress figure for January 2016 was updated on 18 May 2016."
** "As of September 2015, these figures come from 23 firms making up 95% of complaints made about the sale of PPI."
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Financial Conduct Authority. (November 19, 2020). Monthly payment protection insurance (PPI) refunds and compensation in the United Kingdom (UK) from January 2011 to December 2019 (in million GBP) [Graph]. In Statista. Retrieved December 22, 2024, from https://www.statista.com/statistics/746624/monthly-payment-protection-insurance-refunds/
Financial Conduct Authority. "Monthly payment protection insurance (PPI) refunds and compensation in the United Kingdom (UK) from January 2011 to December 2019 (in million GBP)." Chart. November 19, 2020. Statista. Accessed December 22, 2024. https://www.statista.com/statistics/746624/monthly-payment-protection-insurance-refunds/
Financial Conduct Authority. (2020). Monthly payment protection insurance (PPI) refunds and compensation in the United Kingdom (UK) from January 2011 to December 2019 (in million GBP). Statista. Statista Inc.. Accessed: December 22, 2024. https://www.statista.com/statistics/746624/monthly-payment-protection-insurance-refunds/
Financial Conduct Authority. "Monthly Payment Protection Insurance (Ppi) Refunds and Compensation in The United Kingdom (Uk) from January 2011 to December 2019 (in Million Gbp)." Statista, Statista Inc., 19 Nov 2020, https://www.statista.com/statistics/746624/monthly-payment-protection-insurance-refunds/
Financial Conduct Authority, Monthly payment protection insurance (PPI) refunds and compensation in the United Kingdom (UK) from January 2011 to December 2019 (in million GBP) Statista, https://www.statista.com/statistics/746624/monthly-payment-protection-insurance-refunds/ (last visited December 22, 2024)
Monthly payment protection insurance (PPI) refunds and compensation in the United Kingdom (UK) from January 2011 to December 2019 (in million GBP) [Graph], Financial Conduct Authority, November 19, 2020. [Online]. Available: https://www.statista.com/statistics/746624/monthly-payment-protection-insurance-refunds/
