The volume of payment protection insurance compensation claims continued to increase last year, according to new figures.
The Financial Services Compensation Scheme’s annual report, which was published today, says that PPI complaints accounted for 20% of the new claims in 2010/11.
And the FSCS says that it expects to receive a continuing high volume of PPI claims in 2011/12.
Overall the report says the FSCS received 39,499 new claims last year- an increase of 25% on 2009/10. And the scheme paid out a total of £535m in compensation while also delivering faster payouts to depositors.
FSCS chief executive Mark Neale said: ‘‘During 2010/11 the Financial Services Compensation Scheme faced another challenging year of increasing claims volumes and maintained its focus on protecting consumers. We made substantial strides during the year in providing an even better service to consumers and the industry and will be building on this during 2011/12.”
The report also shows that as a result of the higher than expected volume of claims during 2010/11, the cost of running the scheme went over its £32.7m budget to the tune of just over £4m.
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