What next for claims management firms after the demise of PPI?

Merryn Somerset Webb looks at the areas the claims management firms could turn their attention to now that PPI claims can no longer be made.

Piles of cash © Getty Images

Where will the next cash windfall come from?
(Image credit: Piles of cash © Getty Images)

So long PPI payments. The end of August saw a huge surge in deadline-defying claims for compensation for mis-sold payment protection insurance RBS saw 200,000 claims come in on 29 August alone. The total bill for the bad banks involved? Somewhere in the region of £50bn (about £750 for every single member of the UK population).

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Merryn Somerset Webb

Merryn Somerset Webb started her career in Tokyo at public broadcaster NHK before becoming a Japanese equity broker at what was then Warburgs. She went on to work at SBC and UBS without moving from her desk in Kamiyacho (it was the age of mergers).

After five years in Japan she returned to work in the UK at Paribas. This soon became BNP Paribas. Again, no desk move was required. On leaving the City, Merryn helped The Week magazine with its City pages before becoming the launch editor of MoneyWeek in 2000 and taking on columns first in the Sunday Times and then in 2009 in the Financial Times

Twenty years on, MoneyWeek is the best-selling financial magazine in the UK. Merryn was its Editor in Chief until 2022. She is now a senior columnist at Bloomberg and host of the Merryn Talks Money podcast -  but still writes for Moneyweek monthly. 

Merryn is also is a non executive director of two investment trusts – BlackRock Throgmorton, and the Murray Income Investment Trust.