Compensation and refunds related to mis-sold payment protection insurance (PPI) have reached £9.3bn, the Financial Conduct Authority (FCA) has said.
A further £409m was paid back in February to customers who complained about the way they were sold PPI.
This is down from £439.3m in January, but up from £360.1m in December 2012.
February's figure brings the amount paid out for mis-sold PPI since January 2011 to £9.3bn.
The figures come from 24 firms that made up 96% of complaints about the sale of PPI last year.
During 2011 the then Financial Services Authority (FSA) covered 16 firms which accounted for 92% of PPI complaints.
PPI was the most complained about financial product in the second half of 2012, attracting 2.17 million complaints - a 5% increase on the first half of 2012 - according to FCA figures.
An analysis by consumer group Which? suggests the money banks have set aside for PPI mis-selling compensation will run out by the end of the year.
Which? said if pay-outs continue at the current rate the multi-billion funds to meet claims would run out by December.
LLoyds bank - one of the biggest sellers of PPI - has already spent £5.3bn paying compensation to customers.
The final cost to the country's banks for PPI mis-selling is likely to be about £25bn, according to reports.
‘Comprehensive, coordinated and comprehensive’
Amid COVID-19 chaos
Due to coronavirus
The Coronavirus Job Retention Scheme