New research has shown that there are at least two million people still to make a legitimate PPI claim, many of which stand to reclaim thousands of pounds in compensation.
About 34m PPI policies have been sold since 2001. Around £17bn so far bas been set aside by the banks and building societies in compensation. The final bill for the banks is expected to top £20bn.
The Financial Ombudsman Service (FOS) is also expecting to tackle around 320,000 new Payment Protection Insurance (PPI) claims in 2014. In their 2014/15 plan the FOS indicated that they will tackle approximately 1.8 million front-line consumer queries.
The ombudsman also expects to be dealing with the fallout from the PPI scandal for several years to come.
PPI was set up to cover your debt repayments if, for example due to redundancy or illness, you were unable to work however the policy was widely abused by unscrupulous banks and building societies allowing them to make in billions of pounds in profit.