The Financial Conduct Authority’s latest figures show £446m was paid out to customers in August 2013 by the 24 firms that account for 96% of complaints.
The August payout was 15% lower than that in July, but still ranks as the third highest pay out this year. Payouts peaked in June 2012, when firms paid customers £612.3m in compensation.
The Financial Ombudsman Service has received up to 3,000 complaints about PPI per day, making it the most complained-about product ever.
In September, FOS chief executive Natalie Ceeney said consumer expectations of the financial services had risen.
“We can’t put that genie back in the bottle,” she said.