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It is quite difficult to remember the year when the customers were forced to cope without the profits from one of the biggest mis-selling scandals.

The Payment Protection Insurance (PPI) scandal has resulted in banks being punished and also being levied with finesthat add too administrative expenses already involved, for attaching such expensive insurance cover on loans and credit cards without the customer’s consent or knowledge.

Lloyds Banking Group had added around £4bn in the previous years to the overall expense after it confirmed that another tranche of money will be required to satisfy the watchdog.

As per the Financial Conduct Authority (FCA), the overall payout every year since 2011 was on an average of £4.5bn. Roughly around 12million consumers had secured compensation, with an estimated average payout of £1,875.

In the year 2012, the total had reached to around £6.3bn that’s equivalent to 1.5% cut in the normal tax rate. At that time, the National Institute of Economic and Social Research said that the refund can push the GDP growth 0.1-0.2% higher.

A survey conducted by money-saving website Voucher Codes Pro in the year 2014, scrutinised more closely what happened to money. It had found that most of the consumers rushed out and bought a vacation. Next on their list was a brand new car, which was followed by purchasing home appliances and then paying bills.

As per the survey, it was also found that on an average it only took around two and a half weeks for people to spend the cash they received from a settled PPI claim. And only 12% of consumers had put any of the windfalls into their savings account.

Taking a look at the trends of the past few years, it’s evident that the sales figures for cars and vacations have soared and offered the backbone for GDP growth.

Nevertheless, payout is the only element, albeit the biggest, of the PPI to boost the economy. The banks and watchdog had spent nearly around £4bn in processing claims and the private claims management companies-infamous for influencing bank consumers to seek compensation through pestering phone calls-had grabbed an estimated figure of 5bn for themselves.

Such was the boom in jobs that, it was registered in the official labour market statistics as one of the rapidly growing areas of employment. These workers would’ve spent their income and paid tax, thereby increasing the GDP further.

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