Banks paid out £215m to refund customers for the mis-selling of Payment Protection Insurance (PPI) in the six months to June, the City regulator has said.

TheUK’s major banks had to return £102m in May and June, after the British Bankers’ Association lost its High Court challenge against Payment Protection Insurance (PPI) refund rules being applied retrospectively. The Financial Services Authority (FSA) said the monthly totals have been gradually increasing and that huge levels of PPI redress are expected in the coming months.

Customers complained they were unaware they were paying for PPI, or did not need the insurance. Margaret Cole, interim Managing Director of the FSA’s conduct business unit, said: “The treatment of PPI complainants has left an indelible stain on the financial industry’s record.”

The FSA will continue to publish this data every month. It said it remains 100% committed to ensuring that where consumers were mis-sold PPI they will receive the appropriate compensation from firms.

Sally Bowyer, Managing Director of Brunel Franklin, said: “We are pleased to have been able to help thousands of clients and get the maximum PPI refund they are entitled to; many PPI cases we see illustrate just how careful you need to be when taking out loans and credit agreements, particularly over the phone. It is easy to rush things over the phone and all too easy for the vendor not to make clear the all important detail of the policy. It really does pay to check the small print.”

Learn more about PPI refunds and find out if you could apply for a refund today! Visit the website www.brunelfranklin.com or call Brunel Franklin, free, on 0800 051 54 51.