You are here: Home - Saving & Banking - News -

‘Hasta La Vista’ PPI: claims to be terminated by August 2019

Written by:
Arnold Schwarzenegger is to feature in a new campaign as the two-year countdown starts for the deadline for PPI claims.

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 guide to claiming PPI for more information.

Related Posts

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

It’s time to get your finances in shape, and moving your cash savings to a higher paying deal is a good plac...

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

The experts’ guide to sorting out your personal finances in 2021

From opting to ‘low spend’ months to imposing your own ‘cooling-off period’, industry experts reveal t...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week