As 2012 begins and the focus of our nation shifts towards the arrival of the worlds greatest athletes, new figures from the Financial Services Authority (FSA) have revealed that 2011 was just as Olympic as 2012 promises to be. In the first 10 months of last year more than £1 billion in mis sold PPI compensation was paid out according to the financial watchdog, that’s £2,739,726.03 refunded each and every day.

The banks are starting to seriously regret mis selling PPI. There's plenty more people to claim and lots of money to be paid out.

As 2011 progressed; more was paid out each month with the latest figures, for October, revealing it to be the highest month yet for redress with firms paying out £268 million to claimants, that’s £8,645,161.29 paid back every day. However, unlike the 204 countries that take part in the Olympics, just 16 unnamed companies were responsible for the £1 billion in compensation, with the same companies accounting for 92% of all PPI claims in the first six months of 2011.

When it comes to PPI claims UK financial consumers are ahead of other countries in seeking refunds. With over £1bn paid out in 2011 and press coverage increasing, the level of PPI compensation paid out in 2012 is set to smash last years total. When the banks gave up the fight against mis sold PPI it was estimated that more than three million people were in line for compensation. By the end of 2011, 104,597 more people had complained about PPI, but overall; less that 1 million people have been paid out. Despite this, the total bill for mis sold PPI is on target to reach the early forecasts of around £8 billion.

It’s great news that more people are getting back the money that are owed. All we want to know is: were we one of the 16 companies? We’ve definitely helped a lot of people get their money back!