To the relief of UK high street banks, the fallout from payment protection insurance (PPI) scandal may be drawing to a close as the Financial Conduct Authority considers a 2018 deadline for customers to file complaints.
So far, the debacle has cost the five largest participants £26.7bn since the first redress payments were made in 2011. The monthly payments by banks to customers peaked in 2012 and have remained at roughly between £300m and £400m since 2014 (see chart one).
