A new ad campaign featuring Arnold Schwarzenegger is encouraging people to make a complaint about PPI.
Consumers now have less than two years in which to check whether they’ve had PPI and to make a claim.
A deadline of 29 August 2019 was set by the Financial Conduct Authority (FCA) to prompt people into taking action.
The new campaign sees an animatronic model of Arnie’s head urging people to make a decision.
It has been designed by the FCA and paid for by the 18 banks, building societies and credit card providers who’ve had the most PPI complaints.
Andrew Bailey, the FCA’s chief executive, 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.”
PPI (payment protection insurance) policies were sold – or more often mis-sold – alongside loans, credit cards, store cards and mortgages throughout the 1990s and 2000s.
More than £27.4bn has been paid out to customers since rules for complaining about PPI were introduced by the FCA in 2011.
But only 12 million people have claimed so far, despite 64 million policies being sold.
As part of the latest push to get people to complain, the FCA has changed the rules slightly and now people may be entitled to compensation if they have had PPI even if they weren’t mis-sold it.
Customers who’ve previously had a PPI complaint rejected may be eligible if the provider earned a high level of commission from selling PPI.
As well funding the advertising campaign, the firms with the most PPI complaints have also agreed to a number of steps to make the complaints process as easy as possible for customers.
These include providing an option to complain online, making complaint forms easy to understand and extra support for vulnerable customers.
The FCA has launched a new dedicated phone line to assist customers – 0800 101 8800 – and there is more information on its website.