By Daniel Hunter

According to the Financial Services Authority (FSA) Britain's banks paid out £1.9 billion in compensation for the mis-selling of payment protection insurance (PPI) in 2011.

Payments towards the end of the year pushed that figure up, with December's payments alone reaching £441 million.

The data is supplied to the FSA by 16 firms who deal with virtually all of the PPI cases.

Typically, successful claimants receive more than £2,000 in compensation, although some have received much bigger sums.

Join us on
Follow @freshbusiness