FCA recruits ‘terminator’ to highlight PPI complaint deadline
30 Aug 2017
The Financial Conduct Authority (FCA) has recruited Arnold Schwarzenegger as the face of a new advertising campaign to create awareness of the deadline to make a complaint about Payment Protection Insurance (PPI)
30 Aug 2017
In a series of adverts launched this week, an animatronic model of Arnie’s head mounted on tank tracks is seen urging people to make a decision about making a PPI complaint before the deadline of 29 August 2019.
The campaign has been designed by the FCA, who introduced the deadline which will bring to an end over a decade of complaints about PPI. The campaign will appear on TV, online and on outdoor advertising across the UK over the next two years.
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”.’
Over £27.4bn has been paid out to individuals since the FCA introduced rules for complaining about PPI in 2011. PPI policies were sold alongside loans, credit cards, store cards and mortgages mostly between the 1990s and 2010.
The campaign is being paid for by the eighteen firms including banks, building societies and credit card providers who had the most PPI complaints. Firms have also agreed to a number of steps to ensure that the complaints process is as easy as possible for their customers.
These include providing an option for people to submit their complaint online; ensuring that complaint forms are as easy to understand as possible; providing support to vulnerable individuals who may need extra help to submit complaints; and offering useful and free-to-use PPI checking processes.
The ad campaign is launched at the same time as the start of a new basis for complaining about PPI, meaning individuals could be entitled to compensation – even if they were not mis-sold. If someone has complained about PPI previously, and had the complaint rejected, they may be entitled to compensation if the provider earned a high level of commission from selling PPI.
The FCA has set 29 August 2019 as the general deadline for submitting a complaint for consideration, but cautions that some people may have less time to complain about mis-selling. This includes those who have received a letter from their provider about the way PPI was sold to them (most of these letters were sent between 2012 and 2015), and anyone who has made an insurance claim on their PPI policy that was rejected by the insurer.
The regulator has established a new dedicated phone line to assist with PPI queries, and has updated its webpages to give people more help in making a decision.
The FCA PPI queries webpages are here.
The FCA TV advert featuring Arnold Schwarzenegger is here.