The Financial Services Authority (FSA) has revealed that the UK banking and insurance industries have paid out a total of £2.2bn in compensation to victims of endowment mis-selling.

Compensation levels continue to rise, with 2005/6 seeing £945m paid out compared to £601m the previous year.

The FSA is the regulator of many areas of financial services including mortgages, insurance and investment, and the compensation figures it released are based on a poll of 90% of companies in the insurance industry.

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