PPI complaints soar; banks pay out £557 million

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Banks have paid out millions of pounds to customers who have been mis-sold payment protection insurance, and after a summer lull the number of complaints has risen steeply in the last couple of months.

In what could be one of Britain's biggest mis-selling scandals, the big high street banks have paid out £557m in the first six months of the year, after 532,000 people complained they had been mis-sold PPI, according to the Financial Services Authority.