‘Hasta La Vista’ PPI: claims to be terminated by August 2019
The advert, which launches today, will feature an animatronic model of Arnie’s head urging people to make a decision about launching a PPI complaint before the deadline on 29 August 2019.
The campaign is being paid for by the eighteen firms including banks, building societies and credit card providers who had the most PPI complaints.
A survey by campaign group Which? has found that over a third (38%) of consumers are unaware of the deadline, which could leave significant amounts of money unclaimed unless people take action.
Many of those who were aware of the deadline were reluctant to claim. Which? found that the main barriers to people claiming include a perception that it’s too much hassle (28%), lost paperwork (42%) and thinking that the potential amount of compensation is not worth the effort (19%). The average successful PPI claimant receives around £1,200 through mis-sold PPI.
Over £27.4bn has been paid out to customers since the regulator, the Financial Conduct Authority 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.
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’ and I urge people to make a decision before the deadline on 29 August 2019.”
Firms have also agreed a number of steps to ensure that the complaints process is as easy as possible for their customers. These include facilitating online complaints, ensuring complaint forms are easy to understand, providing support to vulnerable customers and providing useful and free-to-use PPI checking processes.
The FCA has established a new dedicated phone line designed to assist customers with their PPI queries – 0800 101 8800. The FCA has also updated its webpages to give more help to customers in making a decision.
Which? points out that in addition to the deadline, new rules based on the Plevin high court ruling come into effect today. This means customers, including those who have had a PPI claim previously rejected, can claim back the difference and interest from mis-sold PPI where the cost was made up of more than 50% commission and the consumer was not informed. This makes thousands more eligible for compensation.
See the YourMoney.com guide to claiming PPI for more information.