The Financial Services Compensation Scheme says it has paid out nearly £1,500 per British family over the past decade.

The Financial Services Compensation Scheme (FSCS) has paid out nearly £26 billion to consumers and dealt with around 4.5 million complaints since it was set up in December 2001.

The biggest payments by the FSCS reflect the role it played in helping stabilise the banking sector during the 2008 financial crisis. But consumers have also been receiving large amounts of money from financial institutions in the form of Payment Protection Insurance (PPI).

At its launch the scheme brought together a plethora of separate compensation schemes designed to make it easier for consumers to complain and seek redress when. Since then it has raised £2.3 billion from the financial services industry, including £217 million for 2011/ 2012.

Mark Neale, FSCS chief executive, said the financial services landscape had changed a lot since the scheme began in 2001 but that consumers now had better protection than ever

Sally Bowyer, Managing Director of Brunel Franklin said: “Everyone accepts that banks provide a valuable service and are entitled to make fair and reasonable charges for services. But people shouldn’t be sold PPI without being furnished with the full facts. PPI mis-selling cases serve as timely reminder of how careful we all need to be when taking out new loans and other credit card agreements.”

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.