Alternative or Comparative Redress [AR] – Data – shared with BBC
- The information in the graphs is based on the analysis of 70,755 PPI redress offers.
- The overall use of alternative redress appears to have ‘levelled off’, the PFCA has information that due to pressure, banks have “changed their approach” in its application.
- Consideration should now been given as to how customers who have received inappropriate redress are correctly compensated.
- The data shows that Lloyds Banking Group continues to be the largest user of alternative redress. Around one in ten customers.
- Consumers are ‘worse off’ by approximately £728 when receiving alternative redress offers.