The UK’s Financial Conduct Authority has called in a big-hitter to help it chase up customers mis-sold Payment Protection Insurance (PPI) ahead of a two-year deadline: none other than Arnie ‘Terminator’ Schwarzenegger.
The advertising campaign will run across a number of platforms such as TV, online and outdoor over the next two years and it aims to bring closure to a decade of complaints about PPI ahead of the final deadline for compensation claims of 29 August 2019.
The first advertisement, which went out on UK prime-time TV on Tuesday 29 August, features Schwarzenegger’s animatronic head urging shoppers in a supermarket to stop dithering, shouting at them “Come on! Make a decision!”
Although it is a light-hearted approach, the underlying issue is a serious one. As many as 64 million policies have been sold in the UK, mostly between 1990 and 2010. The FCA says that some £27bn has already been paid back to customers complaining that they were mis-sold this type of insurance product.
Worst offenders paying for the campaign
The spend for the campaign will be £42.2m across the two years, Caroline Jones from the FCA revealed to International Investment. Intriguingly, the campaign is being paid for by the 18 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 and don’t put customers off complaining
- providing support to vulnerable customers who may need extra help to submit complaints
- providing useful and free-to-use PPI checking processes.
Financial advisers with clients that might benefit from investigating whether they have a claim under PPI mis-selling legislation should refer them to the relevant page on the FCA website or advise them to call the FCA freephone number, 0800 101 8800.
And those who wish to see the advertisement for themselves should click here.