Why has a deadline been set?
Anyone looking for compensation due to mis-sold payment protection insurance (PPI) has to make their claims by the 29 August 2019.
The Financial Conduct Authority (FCA) has set this deadline so that it can stop one of the banking industry’s biggest scandals.
Millions have already been compensated and banks have put a total of £40bn aside to help with the payouts.
Many more could still come forward.
The FCA is running a two-year campaign in August to help sort out any remaining complainants.
Andrew Bailey, chief executive of the FCA said: “Putting in place a deadline and campaign will mean people who were potentially mis-sold PPI will be prompted to take action rather than put it off.”
“We believe that two years is a reasonable time for consumers to decide whether they wish to make a complaint.”