There has been a rise in the number of people making claims on Payment Protection Insurance (PPI), new figures have shown. Data from the Financial Services Compensation Scheme (FSCS) showed 20 per cent of all new enquiries fell into this category during the 2010-11 financial year.

The organisation, which resolves claims in cases where a financial institution is unlikely to reimburse consumers, noted there was an increase of 25 per cent in claims overall throughout the 12 months, but added that it had delivered faster payouts.

According to the FSCS, a continuing rise in PPI claims can be expected next year, with “high volumes” predicted for 2011-12. However, chief executive Mark Neale said: “We made substantial strides during the year in providing an even better service to consumers and the industry.”

He added that this reflected the increased investment the FCSC has been making to boost performance in recent times.

Sally Bowyer, Managing Director of leading financial claims firm Brunel Franklin, said that consumers could recoup many years’ worth of premiums plus interest. “If you were mis-sold PPI, you may be entitled to several years’ premiums plus 8% interest, which can in some cases amount to several thousands of pounds.”

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