The Financial Conduct Authoriy has set a mid-2019 deadline for Payment Protection Insurance complaints.
As such consumers who claim they were missold the insurance will have until the end of June 2019 to make a claim.
Andrew Bailey, chief executive of the FCA 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.
“We have listened to all the feedback we have received and believe that the steps we are taking are the right ones. We will ensure that our communications campaign will engage with all those who could be affected, particularly vulnerable consumers.”
Banks have paid out £24bn in compensation in customers over the past five years for misselling PPI.