Failed firms PPI claims rise

Figures released today have shown that the number of people making claims for mis-sold payment protection insurance (PPI) from firms which have gone bust, has almost doubled year-on-year.

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FSCS: 'Claims companies take a sizeable chunk'

In 2012, double the number of people made claims from failed PPI firms, compared to the previous year, research has found.

Claims management companies take a sizeable chunk of any payout. Consumers who make a claim directly to FSCS keep every penny of their compensation.

Some people may prefer to use a claims management company, but it is important that they understand the charges from the outset and are happy to pay them.

– Mark Neale, chief executive of FSCS

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