In just six months following the FCA’s advertising campaign, PPI complaints have increased by 40% to 1.55 million complaints submitted to banks and the Financial Ombudsman Service.
According to the FCA, their animatronic Arnold Schwarzenegger advertisement had helped drive almost a million visitors to the FCA’s PPI website since October 2017.
The regulator said complaint figures were relatively stable at 2.21 million, which were 13,000 fewer than the last six months. In this timeframe, BNP Paribas Creation Financial Services Unit, partnered with Currys, Asda, and Argos offering PPI, received the highest proportion of financial complaints.
According to Executive Director of Strategy and Competition Christopher Woolard, the PPI deadline had indeed “encouraged consumers to decide when to claim.” He added that banks should make their efforts count to enable them to reduce complaints.
PPI is the UK’s biggest financial scandal. It has reached disastrous levels with over £40 billion earmarked for refunds.
The FCA appointed a claims deadline until August 29, 2019. It has spent over £42.2 million in bank levies to create its Arnold Schwarzenegger advertisements to encourage consumers to claim their refunds.
On the other hand, MoneySavingExpert founder Martin Lewis said the FCA’s ad may be misleading. Asking to use search engines to search for “FCA PPI” to find the watchdog’s PPI page may lead consumers to claims management pages due to search engine advertising algorithms.