Today the Financial Services Authority (FSA) released a statement with the details of the amount of compensation paid by firms from January – June 2011 to customers who have complained about the mis-selling of payment protection insurance (PPI).

The published statement demonstrates that 92% of the PPI complaints received during these six months in 2011, represented by 16 firms, were paid a sum of £125 million of compensation.

Moreover, between the months of May and June, following the outcome of the judicial review, £102 million of compensation was paid out to the consumers.

The figures are as follows, with cumulative totals in brackets:

January - £29 million (£29 million)

February - £31 million (£60 million)

March - £28 million (£88 million)

April - £25 million (£113 million)

May - £37 million (£150 million)

June - £65 million (£215 million)

This data was published by the FSA as a means to track the progress being made for consumers, firms and all other interested parties. The organisation will continue to publish these figures each month as well as a running total.

Interim Managing Director of the FSA’s conduct business unit, Margaret Cole said: “The treatment of PPI complainants has left an indelible stain on the financial industry’s record. By releasing these figures we’re providing a useful measure of firms’ progress that can be tracked on an ongoing basis.”

Cole also said that the FSA expects the amounts to vary over the coming months while the firms get through their backlogs of cases.

She stated: “We remain 100 per cent committed to ensuring that where consumers were mis-sold PPI they will receive the appropriate redress from firms, and we are monitoring firms’ progress to ensure this is done properly.  Where we find that this not to be the case, we are not afraid to take tough action.”