26Apr

The Financial Conduct Authority (FCA) has launched a new television advertisement to promote the payment protection insurance (PPI) claims deadline, and once again it features actor Arnold Schwarzenegger and his animatronic head.

Like the previous TV adverts, Arnie urges people to “make a decision” as to whether they want to claim, and to “do it now”, before highlighting that the complaints deadline is August 29 2019.

The regulator has also launched two new radio advertisements, which highlight that consumers do not need to remember whether they had PPI, as providers have the facilities to check this.

Andrew Bailey, Chief Executive of the FCA, said of the advertising campaign:

“We know that PPI was sold on a huge variety of credit products throughout the 1990s and 2000s, but many people just don’t realise they had it.

“Since we launched our campaign the largest firms have told us that the proportion of people complaining to them directly has increased. This may in part be due to the improvements we asked firms to make to their complaint handling processes, including the introduction of online checking and complaining tools. This means that more customers get to keep more of the redress that they are due.

“We want people to act before the deadline. Dig out that old paperwork, visit our website or call our helpline to find out how to check if you had PPI and how to decide whether to complain.”

Shortly after the new TV adverts were first screened, the FCA announced that the total number of PPI complaints made during the second half of 2017 was 40% higher than in the first six months of the year. The number of complaints made to authorised firms about this form of insurance rose from 1,112,043 to 1,551,897. However, given the publicity about the deadline, and the fact that the second half of the year was the first six-month period in which Plevin-related PPI complaints could be considered, the increase perhaps comes as no surprise.

The FCA reported a 13% increase in the number of complaints made about all financial products, with some 3.76 million complaints being received by firms, but when PPI is excluded, total complaints were actually down by 1%.

£2.05 billion in redress was paid for PPI complaints in the second half of 2017, compared to £1.99 billion in the first half of the year. A further £415.8 million was paid in PPI compensation in January 2018, taking the total amount of compensation paid to consumers since the start of the scandal above £30 billion.

Christopher Woolard, Executive Director of Strategy and Competition at the FCA, said of the complaints figures:

“Having set a deadline for PPI complaints, we are encouraging consumers to decide whether they want to claim, and if they do, to make their complaint as soon as possible, as many already have.

“We are continuing to monitor and challenge all firms to ensure they maintain the expected standards and are delivering on their commitments to make it easy for people to complain about PPI.

“When PPI is taken out of the mix, the numbers of complaints firms are receiving has remained stable. Firms should be doing all they can to reduce complaints and ensure they are treating customers fairly.”

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