The Financial Conduct Authority (FCA) has set a deadline of 29 August 2019 for those wishing to make a PPI claim.
It said it introduced the deadline in order to prompt people into deciding whether to check if they had PPI and whether they want to make a complaint.
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.”
Alongside the deadline, the FCA also launched a dedicated phone line to assist customers with PPI queries, and updated its webpages to give more help to customers in making a decision.
As well as the phoneline and updated webpage, the FCA has launched an advert campaign featuring an animatronic model of Arnold Schwarzenegger’s head, urging people to decide whether to make a claim by the deadline.
The campaign has been paid for by the eighteen firms including banks, building societies and credit card providers who had the most PPI complaints.
Firms have also agreed to a number of steps to ensure that the complaints process is as easy as possible for their customers. These include:
- providing an option for people to submit their complaint online;
- ensuring that complaint forms are as easy to understand as possible and don’t put customers off complaining;
- providing support to vulnerable customers who may need extra help to submit complaints;
- providing useful and free-to-use PPI checking processes.
According to the FCA: “Today also marks the start of a new basis for complaining about PPI, meaning customers could be entitled to compensation – even if they were not mis-sold. If a customer has complained about PPI previously, and had the complaint rejected, they may be entitled to compensation if the provider earned a high level of commission from selling PPI.”
Bailey concluded: “Our message, and Arnie’s, is ‘do it now’ and I urge people to make a decision before the deadline on 29 August 2019.”