A survey found eight in 10 in both Scotland and Wales know about Payment Protection Insurance (PPI), whereas, for example, this drops to 73% of those resident in London.
The survey of 2,108 adults carried out by YouGov in September 2010 for regulated financial claims company Brunel Franklin, was released as city analysts claimed banks accused of mis-selling PPI could face as much as £10 billion in claims.
Only 16% of Welsh respondents and 20% of Scottish people said they didn't know what PPI was.
The national average was higher at 24%, with Londoners worryingly coming out bottom of the PPI awareness league table; some 27% of them said they had no idea what PPI was.
Sally Bowyer, Brunel Franklin, said while Wales and Scotland faired best in the awareness survey of 'what is PPI?', 91% of Welsh and 81% of Scottish people still believe they don't have PPI, and the overall national results show general awareness of PPI is 86%.
She said:?"We know millions of these policies were sold and a large proportion may have been mis-sold. Yet only 10% of the population believes they have a PPI policy and a resounding 86% nationally say they are sure they don't have PPI.
"The chances of those 86% not having PPI are extremely slim indeed; potentially millions of people have these policies who are totally unaware that the insurance was automatically bundled in with their loan or credit agreement."
