FCA

FCA begins advertising campaign for PPI deadline




The FCA has launched an advertising campaign urging people to make a decision regarding PPI before the deadline on 29th August 2019.

The campaign – which features movie star Arnold Schwarzenegger – was designed by the FCA, who introduced the deadline which will bring an end to over a decade of complaints about PPI.

“Our campaign aims to cut through the noise on PPI,” said Andrew Bailey, chief executive of the FCA.

“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 29th August 2019.”

The FCA reports that over £27.4bn has been paid out to customers since the rules for complaining about PPI were introduced in 2011.

PPI policies were sold alongside loans, credit cards, store cards and mortgages mostly between the 1990s and 2010.

The campaign will be paid for by the 18 firms – including banks, building societies and credit card providers – who received the most complaints.

A new basis for complaining about PPI has been introduced, meaning customers could be entitled to compensation even if they were not mis-sold.

If a customer has complained previously about PPI, and had the complaint rejected, they may be entitled to compensation if the provider earned a high level of commission from selling PPI.

Leave a comment