According to the latest figures from the Financial Conduct Authority, since January 2011, banks and building societies have handed out £10.1bn back to customers who complained about the way they were sold PPI.

The £424m repaid in April this year took the figure over the £10bn mark in what consumer group Which? called the “biggest financial mis-selling scandal of all time”.

Lloyds, HSBC, Santander, Nationwide and RBS are among the banking giants to have returned money to consumers.

A total of £14bn has been set aside by banks for compensation. Lloyds Banking Group has made the biggest provision, putting aside £6.7bn so far to compensate customers of Lloyds TSB, Black Horse Finance, Halifax and Bank of Scotland.