Around 45 million PPI policies were sold by banks and other lenders between 1990 and 2010. The policies were packaged with loans, mortgages and credit cards to ostensibly ‘protect’ customers against non-payment.

To date, firms have dealt with over 14 million PPI complaints. Some 70 per cent have been upheld and more than £17.3bn worth of compensation has been paid out to consumers. The total cost of the scandal is projected to reach £24bn.

However, the FCA has announced it is investigating whether “further interventions may be appropriate”. These could include a time limit on complaints, and other rule changes. The watchdog will announce whether a time limit will be introduced in the summer.

In January 2013, banks lobbied the Financial Services Authority (the FCA’s predecessor) to set a deadline of April 2014 for PPI claims. In return, the British Bankers Association pledged that its members would fund a year-long promotional campaign to make people aware of the deadline. The FSA said it would only ever consider a time limit if such a measure was “in the interests of customers”.

The Financial Ombudsman Service still receives over 4,000 new PPI claims every week. Although this represents a sizeable drop from 18 months ago (when the Service received over 12,000 claims weekly), Caroline Wayman, the UK’s chief financial ombudsman, said banks will be recompensing customers for PPI mis-selling “for years to come”.

If you think you might have been mis-sold PPI, please visit the Your Money guide to claiming PPI. It will help you ascertain whether you are eligible for compensation, and outline how you can submit a claim.