Claims firms 'get £12m PPI payouts'

More than £12 million due to consumers under a safety net for people who have been mis-sold payment protection insurance (PPI) will end up with claims management firms in the next year, it has been claimed.

A record 16,500 complaints about PPI mis-sold by firms that have since gone bust are set to be made in 2012/13, a rise from around 12,000 in the current year, the Financial Services Compensation Scheme (FSCS) said.