The extraordinary scale of the PPI compensation grab:
£5bn compensation still to be paid out
12 million are to get letters saying they may have been mis-sold
800 claims management companies trying to get a slice of the money
£2m a month being spent on advertising by these claims companies
They charge 25% or more in fees, plus VAT
Banks are making 50,000 compensation payments a week
That's around £400m a month being paid out
The payments average £2,750, some are £16,000 or more
Some say this massive cash payout could give a boost to the economy
How to claim compensation? Contact your bank, or the Financial Ombudsman Service.
My report on BBC News today.