PPI compensation revealed

Millions of people who have been mis-sold payment protection insurance (PPI) will find out today whether they are entitled to compensation.

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PPI compensation could exceed £2 billion

Money for the out-of-pocket Credit: TM//SAP

Millions of people who have not already complained about being mis-sold payment protection insurance (PPI) will find out today whether they are entitled to compensation.

£1.9 billion has already been paid to victims who have previously complained, and the FSA believes future compensation could exceed that amount.

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Letters to PPI victims must be 'jargon free'

Millions of letters to be sent today to victims of mis-sold payment protection insurance (PPI) must be written in jargon-free English. The Financial Standards Authority (FSA) ruled that the language used in letters to victims must be plain and jargon free.

Because response rates to these kind of letters have been historically low, Martin Wheatley, FSA managing director, has urged recipients to read them carefully:

If you receive a letter, it's important to consider your PPI purchase carefully and if you feel you have been a victim of poor practice - please do respond to the firm.

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