The Financial Conduct Authority (FCA) has said it could place a time limit on payment protection insurance (PPI) when it assesses the current procedure in the summer.
Until then the regulator plans on gathering evidence on current trends to do with the procedure.
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The PPI scandal has been ongoing since January 2011. Since then there have been over 14m PPI complaints about the sale of PPI. According to the FCA, over 70% of these complaints were upheld, and in total over £17.3bn worth compensation has been paid as a result.
In 2015, Financial Ombudsman Service revealed there was a substantial drop in PPI enquiries over the course of 2014, however they still made up almost half of all consumer enquiries to the ombudsman.
A time limit is just one possible outcome the FCA suggested, with others including a consumer communication campaign, a change to rules and guidance, or simply continuing the current PPI scheme in its current form.
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