The latest bulletin from the Financial Conduct Authority (FCA) on the effectiveness of its payment protection insurance (PPI) publicity campaign covers the period from August 29 2017 to November 30 2018. The final deadline for making a PPI complaint is August 29 2019.
During this period, the FCA’s PPI helpline received 35,379 telephone calls and 2,575 emails, and 5,971 web conversations were held. 92% of these responders said they were satisfied with the service they received.
More than three million people have accessed the PPI section of the FCA website, with a total of nine million visits being made to these webpages. 81% of these visitors found the information helpful. The average time spent viewing each page was 94 seconds.
There were also 10,818 comments about PPI on the FCA’s social media channels.
The FCA describes the purpose of this campaign response data as “useful insight into how many people our campaign has prompted to find out more about PPI via FCA channels.” It adds that it “also shows how satisfied they were with the services we provided.”
A further interim report on the effectiveness of the campaign is due to be published in the autumn of 2018, with a final report following at the end of 2019.
The deadline of August 29 2019 only applies to complaints made about the suitability of PPI, or about the failure to disclose a commission payment. Complaints about claims and administration will not be subject to a deadline. There will also be no restriction on the ability of consumers to claim for PPI sold after the deadline.
The firms that sold the most PPI have been required to fund this publicity campaign informing consumers of the impending deadline. As the deadline approaches, the Financial Ombudsman Service is reporting that complaints about this type of insurance still comprise 40% of its workload. Authorised firms are still paying out more than £300 million in PPI compensation every month, and the total redress paid to date across the industry is £33.3 billion.
The information shown in this article was correct at the time of publication. Articles are not routinely reviewed and as such are not updated. Please be aware the facts, circumstances or legal position may change after publication of the article