According to the Financial Conduct Authority, its announcement of the PPI claims deadline in March and its new advertising campaign starring Hollywood actor Arnold Schwarzenegger’s animatronic head had yielded positive results. It noted a 24% increase in the number of complaints heading to bank claim centres and the Financial Ombudsman in the first six months of 2017.
The increase in number makes the insurance policy the top complained-about financial product in the United Kingdom. The FCA notes it accounts for 82% of refunds banks have collectively paid back to consumers. The UK’s banks have a collective bill of £37 billion to refund successful complaints.
The Financial Ombudsman’s figures contrast the FCA’s numbers. It said that its information shows that PPI complaints have steadily dropped since 2014, the year the insurance scandal peaked with 1.6 million consumers making a claim from January to June.
The FCA intends to end PPI claims by August 29, 2017 by using an “old-fashioned” public announcement service, which M&C Saatchi developed and is airing in British channels.
According to consumer groups, the effort may fail to inform non-tech and television-oriented elderly individuals and retirees. However, the numerous cold calls to traditional phones can always alert these person regarding a possible claim for refunds.