Following the huge increase in PPI claims over the last year and since the judicial review, many of the big banks and indeed some of the smaller firms have been forced to allocate further funds to the cause of compensating consumers who were mis sold PPI.

It seems that the banks grossly underestimated the volumes of complaints from consumers and have, as a result allocated huge piles of money for compensation.

Barclays bank have set aside an additional £300 million towards the payment of mis sold ppi, which adds to the already large sum of £1 billion.

Industry experts believe that across all the major banks there is approximately £6 billion owed back to consumers. If you then add in all the smaller firms and financial institutions that figures jumps to around £9-10 billion.

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