PPI claimants paid CMCs £960 each last year

The average payment protection insurance (PPI) claimant paid claims management companies (CMCs) £960 of their claim in fees, according to the Financial Services Compensation Scheme.

Last year, CMCs were paid £7.4m in compensation, and have received £22m since the mis-selling scandal broke out, according to The Independent.

About three-fifths of PPI claims in 2012 came from CMCs, according to the research.