FCA reports early results of Arnie PPI claims campaign
Almost 1.25m visits have been made to find information about claiming payment-protection insurance on the Financial Conduct Authority's dedicated a website since the launch an ad campaign featuring an animatronic model of Arnold Schwarzenegger's head.
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The City regulator launched the campaign in August after introducing a deadline of August 2019 to attempt to prompt more people to check if they had been sold PPI and whether they want to make a complaint and claim over potentiual misselling.
The Arnie-fronted campaign is running across TV, online and on outdoor advertising across the UK until the PPI deadline in the two years' time and aims to "cut through the noise on PPI" .
On top of the website visits, which have come from more than 0.4m people, a further 9,400 phone calls and 440 emails have been received by the FCA, which said it will publish two annual reports on the performance of the campaign and supervision strategy.
Over £27.4bn in compensation has been paid out to bank customers since the FCA introduced rules for complaining about PPI in 2011, with costs totalling around £34bn for the industry.
Recent results from the likes of Barclays, Lloyds and RBS have shown the effects of PPI beginning to fade, with the FCA statistics potentially giving banks and their investors a clue about further claims resulting from the campaign.
The big high street lenders are among eighteen banks, building societies and credit card providers paying for the FCA's campaign, with firms also agreeing to providing new options for people to submit PPI complaints online, making complaint forms easy to understand, providing support to vulnerable customers who may need extra help to submit complaints and providing useful and free-to-use PPI checking processes.