The Financial Conduct Authority (FCA) has delayed setting a deadline date for making PPI complaints, with a decision now expected to be announced in the first quarter of 2017.

The original deadline proposed by the FCA was June 2019 and reports suggest this date could now be pushed back by a few months.

Reuters commented: “FCA Chief Executive Andrew Bailey said the watchdog has received a ‘complete array’ of feedback to its August consultation, with banks wanting to move very quickly while consumer groups were pushing for much more time.”

Some media outlets are also predicting that complaints could reach a record high in 2017 with the imminent deadline and, as a result, banks may have to pay out more in costs.

The Guardian noted: “Banks may now need to set more money aside to deal with PPI, which is the most expensive scandal to affect the UK financial industry.”

The FCA confirmed in December that refunds and compensation for PPI have now reached £25.5billion (January 2011 to September 2016).