This is because the deadline applies to claims against companies that are still trading, while FSCS compensates when financial firms have failed. Find out how long PPI claims take to resolve on our How long does it take?
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Sorry, there was a problem. Read More Do I have to pay tax on renting out an inherited home? More from Lifestyle. Moneysavingexpert, and its founder Martin Lewis, were at the forefront of the campaign for PPI compensation and the subject has been one of its biggest concerns for visitors to the website ever since.
Mr Anker says that the scandal has been at the heart of the public's distrust of banks - in a more tangible way than the banking crisis of a decade ago. Martyn James, of consumer website Resolver, says PPI was was an example of "a dramatic loss of trust". Now, he says, consumers have "a willingness to question former symbols of authority". As a nation we are no longer willing to put up with being treated badly and are increasingly vocal about it," he says. Yet the PPI compensation scheme has been muddied, according to Mr Anker, because claims companies have "acted so appalling, they have created a scandal in itself".
Claims management companies CMCs make claims on behalf on consumers, but then take a cut of any compensation payouts - as much as a third in the past. Everyone has received a call, text, or email about claiming PPI. A whole industry grew up, with firms offering to make claims for PPI compensation payouts on consumers' behalf. Some bought leads from "introducers", who sent out masses of "alerts" encouraging people at times to claim a fictitious figure.
Critics argue that CMCs were never needed because people can make their own claims, but the companies say many of these people would never claim at all. Mr Evans says the legitimate claims industry welcomed "robust regulations". Claims firms' methods remain under heavy scrutiny, but Mr Evans says the payouts they have won for consumers have been described as a "people's QE", in reference to the money printing policy of the Bank of England.
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