Simon Gompertz has published the headline figures:
"The extraordinary scale of the PPI compensation grab:Given that the banks showed no ethics in selling these now widely derided products onto their naive customers, there is no shame in asking for them to pay the money back (but don't waste money on using a claims company).
£5bn compensation still to be paid out
12 million policies may have been mis-sold
800 claims management companies trying to get a slice of the money
£2m a month being spent on advertising by these claims companies
They charge 25% or more in fees, plus VAT
Banks are making 50,000 compensation payments a week
That's around £400m a month being paid out
The payments average £2,750, some are £16,000 or more
Some say this massive cash payout could give a boost to the economy
How to claim compensation? Contact your bank, or the Financial Ombudsman Service"