The Financial Conduct Authority is looking to set a PPI claim deadline for June 2019 for those who were mis-sold payment protection insurance.
The financial regulator is keen for the rule for setting the deadline to be confirmed by the middle of 2017, along with a bank funded public awareness advertising campaign.
The FCA is keen to listen to feedback on the issue and other proposed changes before the consultation period closes in October.
The big five banks in the UK have put aside over £30bn to deal with the ever growing compensation bill.
It is hoped that by putting a deadline on the complaints procedure it will bring the curtain down on what has been the costliest financial scandal to ever hit the UK banking sector.
It is expected that consumers will be kept up to date with the proposed plans as they change.