The Financial Conduct Authority (FCA) is urging consumers not to leave making PPI claims to the last minute ahead of next week’s deadline.
Figures released by the FCA show a total of £340.4m was paid to consumers who had complained about being mis-sold PPI in June, taking the total paid out since 2011 to £36bn.
The final deadline for making a PPI claim is 29 August.
PPI was designed to cover loan repayments if the consumer became unable to do so, due to circumstances such as being made redundant or being unable to work.
According to the FCA, as many as 64 million PPI policies were sold in the UK – most of which were sold between 1990 and 2010 – but policies were often mis-sold.
The regulator launched a campaign involving the animatronic head of Arnold Schwarzenegger in June to help people remember if they had been mis-sold the policies.
Since then, the FCA said it has seen a 420 per cent increase in visitors to its PPI website and a 269 per cent increase in calls to its helpline.
Main image credit: FCA