Arnold Schwarzenegger has helped the Financial Conduct Authority (FCA) launch their advertising campaign to try and raise awareness of the deadline on mis-sold Payment Protection Insurance (PPI) claims.
Consumers have until August 2019 to submit new complaints about mis-sold PPI but in the adverts, which will be shown on TV, posters and in cinemas, Arnie (or an Arnie impersonator anyway) asks “You’ve at least made a decision on the PPI right?”.
In a unique way of raising awareness the industry regulator has used a robotic head of the Terminator star on a pair of tracks as he follows people through a supermarket and a library.
At one point a woman behind a newsreader-style desk says: “You need to decide. Yes I want to make a PPI complaint, or no I don’t.”
The problem for millions of people is it’s just not that simple.
We know from our years in the industry that many are unsure whether or not to make a complaint as they do not know if they had PPI added to their credit in the first place, let alone whether or not they were mis-sold. Over 90%* of our successful customers were unsure if they had PPI before they checked with us.
According to the FCA themselves 4 in 5 potential complaints about mis-sold PPI have yet to be made – though you won’t hear Arnie telling you that in the adverts.
Furthermore ‘PPI was added without telling you’ is listed as one of the ways you could have been mis-sold on the new FCA website dedicated to the deadline. So how can you decide whether or not to make a mis-selling complaint about a product you didn’t even know you had?
Martin Lewis, founder of Money Saving Expert, said when the deadline was confirmed back in March: “If you think you may have PPI, frankly even if you don’t you should be checking, you should be doing this now.”
To date Britain’s banks have set aside £43.5bn to compensate consumers who were mis-sold PPI. Just £27.4bn of that has been paid back, leaving more than £16bn remaining.
That’s over 16 billion pounds which the banks have admitted belongs to customers all over the country who they misled in years gone by. If these customers do not check before the deadline, then on Friday 30th August 2019 the banks will get to keep all the remaining money for themselves.
In the ads Arnie says ‘Do it now!’ – and we couldn’t agree more.
Checking your finances for mis-sold PPI means you will find out for sure if you were a victim of ‘the biggest mis-selling scandal in financial services history’.
With our free checking service** you will find out if PPI was ever added to your credit, and if it was mis-sold we will get back the premiums you paid plus compensation.
Our friendly claims handlers will walk you through the process every step of the way, saving you time by checking all your finances in one place without the need for complicated A-Z lender directories.
We don’t need to spend £5m on a publicity campaign with a Hollywood voiceover, as our customers’ recommendations speak volumes.
More than 96%* of our customers are recommended to us by someone they know, so we don’t need to advertise and we never cold call.
*As at December 2016
**T’s & C’s Apply