Watchdog sets June 2019 deadline for PPI compensation claims

Consumers will have until June 2019 to claim compensation for payment protection insurance mis-selling under proposals outlined by the City watchdog.

The Financial Conduct Authority (FCA) confirmed plans to launch a marketing campaign from next June, which will be funded by Britain's banks, to raise awareness of the 2019 deadline for claims to be submitted.

It will see a line drawn under the payment protection insurance (PPI) scandal, which has been the costliest yet for the financial services industry, with the total bill now running at a mammoth £24 billion.

FCA chief executive Andrew Bailey said: "Putting a deadline on PPI complaints will bring the issue to an orderly conclusion in a way that protects both consumers and market integrity."

He added: "We will ensure that our communications campaign will engage with all those who could be affected, particularly vulnerable consumers."

It will consider further feedback on its proposals for the June 2019 deadline until October 11.