By Daniel Hunter

The amount still to be claimed from the scandal surrounding payment protection insurance (PPI) mis-selling could run into the tens of billions, according to Financial Claim Services (FCS).

Recent analysis of PPI redress revealed that approximately £50 billion of PPI policies has been sold over the last 10 to 15 years. With £15.1 billion already paid out to claimants, and estimations for eventual redress believed to total approximately £24 billion, there is still so much more to be claimed.

FCS said the average claim it has dealt with has been around £1,000. Though, the banking industry is still reticent to accept claims, with eight out of ten claims that have been denied at first stage going on to be upheld by the Financial Ombudsman Service.

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