The Financial Conduct Authority (FCA) has appointed a ‘Pressure’s on Panel’ as the payment protection insurance (PPI) claims deadline approaches.
With just two months to go until the August 29 deadline, the diverse panel includes partner organisations such as the Money and Pensions Service, personal finance expert Sarah Pennells, 1990s TV celebrity Mr Motivator and an anonymous blogger who the FCA refers to as Skint Dad. Arnold Schwarzenegger has been involved in the campaign to alert consumers to the deadline since the very start, and his animatronic head will once again feature in the regulator’s final promotional push. The veteran US actor will appear in a series of advertisements urging people to take action on PPI before it’s too late.
The FCA says that, since the campaign was launched in August 2107, it has received 44,488 calls to its PPI helpline, and has received 3,720 PPI enquiries via email and has held 7,480 web chat conversations. 94% of users say they are satisfied with the service provided by the regulator. More than 3.9 million people have viewed the FCA’s PPI website, and a survey of a sample of website visitors revealed that 80% of people found this website helpful.
The regulator has also published the latest figure for the monthly amount of PPI compensation paid by firms it supervises. In April, a total of £334.3 million was paid out to customers who had complained about their PPI policy, taking the overall total to £35.3 billion. These figures are based on data from 23 firms who collectively make up 95% of PPI complaints.
Emma Stranack, the FCA’s PPI Deadline Campaign Lead, said:
“With just over 10 weeks to go, time is running out to claim back money for PPI. Simply put, if you haven’t complained to your provider by 29 August 2019, you won’t be able to claim money back for PPI – so you should make your decision as soon as possible. Checking if you had PPI is simple and free. Don’t worry about paperwork, you only need your date of birth and relevant previous addresses.”
Personal finance expert and consumer champion Sarah Pennells said:
“The PPI deadline is fast approaching – so now is the time to contact your bank, loan or card company as soon as possible. You can complain to them directly for free and you can use the FCA’s website for more information.
“I am working with the FCA to help remind consumers that now is the time to decide whether or not to make a complaint before the deadline on the 29 August 2019.”
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