The Financial Conduct Authority’s two-year publicity campaign regarding the impending payment protection insurance (PPI) deadline has commenced. The regulator will use “TV, online and … outdoor advertising across the UK over the next two years” to alert people to the fact that they will not be able to submit a PPI complaint after August 29 2019.
Many people will already have seen the television adverts featuring the voice, and an animatronic model, of actor Arnold Schwarzenegger. The adverts currently being shown show shoppers struggling to decide which product to buy, before Arnie’s head appears and urges them to “make a decision”. The advert then highlights that all consumers need to make a decision now as to whether or not they wish to make a PPI complaint.
Andrew Bailey, Chief Executive of the FCA, said:
“Our campaign aims to cut through the noise on PPI. We want to encourage people to decide whether to find out if they had PPI and whether to complain or not. Our message, and Arnie’s, is ‘do it now’ and I urge people to make a decision before the deadline on 29 August 2019.”
The FCA press release announcing the launch of the campaign also highlights that:
- It is now possible to submit a PPI complaint on the grounds that the firm failed to disclose the existence of a large commission payment that amounted to more than 50% of the premium
- The cost of the campaign is to be met by the 18 firms who each received more than 100,000 complaints between August 1 2009 and August 1 2015
- £27.4 million in PPI compensation has already been paid out by financial institutions in the UK
- The FCA has launched a new PPI consumer helpline, which will be staffed between 8am and 10pm, seven days a week
- The FCA has been working with firms to ensure that: consumers can submit their complaint online, complaint forms are easy to understand, vulnerable customers will be provided with extra support when making complaints, and consumers can easily check whether they took out PPI
- The FCA has updated its webpages on PPI, to provide more information on why someone might want to make a PPI complaint, and about how they should do it
PPI is undoubtedly the most mis-sold financial product in history, but the launch of this campaign certainly marks the ‘beginning of the end’ of the PPI saga.
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.