The FCA releases latest figures on PPI

The FCA releases latest figures on PPI
19.06.2019 09:32 am

The FCA releases latest figures on PPI

Compliance

With just over two months to go until the 29 August 2019 PPI complaints deadline, the FCA is urging all UK consumers to make a decision, before it’s too late, about whether to complain about PPI.

As part of this final leg of the campaign, the FCA has recruited its own ‘Pressure’s on Panel’ of ambassadors. The hand-picked panel come from a range of backgrounds and will be leading the charge in reminding consumers across the country that they need to make a decision on PPI before it’s too late. The panel features 90s icon Mr Motivator, partners such as the Money and Pensions Service, personal finance expert Sarah Pennells, and expert bloggers like Skint Dad – all of whom will be providing support across the summer.

The campaign comes as FCA figures released, show the regulator has had more than 3.9 million users access the PPI website and 44,000 calls to their dedicated contact centre. On top of that, a total of £334.3m was paid in April 2019 to customers who complained about the way they were sold PPI. This takes the amount paid since January 2011 to £35.3bn.

To emphasise how pressing the deadline is, the FCA has brought back the animatronic head of Arnold Schwarzenegger for the final time in a campaign that will run nationwide across the summer. These latest ads feature Arnie in a hydraulic press, urging people to take action on PPI before it’s too late. As the deadline approaches, the series of advertisements will gradually reveal Arnie’s fate.

Emma Stranack, FCA’s PPI Deadline Campaign Lead, said: “With just over 10 weeks to go, time is running out to claim back money for PPI. Simply put, if you haven’t complained to your provider by 29 August 2019, you won’t be able to claim money back for PPI – so you should make your decision as soon as possible. Checking if you had PPI is simple and free. Don’t worry about paperwork, you only need your date of birth and relevant previous addresses. Search FCA PPI or call 0800 101 88 00 to find out how.”

Personal finance expert and consumer champion, Sarah Pennells said: “The PPI deadline is fast approaching – so now is the time to contact your bank, loan or card company as soon as possible. You can complain to them directly for free and you can use the FCA’s website for more information.  You don’t have to use a claims management company as providers are supposed to make sure that complaining about PPI is straightforward. I am working with the FCA to help remind consumers that now is the time to decide whether or not to make a complaint before the deadline on the 29 August 2019.”

“For consumers, realising you could be entitled to compensation is like winning the lottery – the FCA’s final push means banks need to brace for a flood of PPI claims in the next two months. This poses a major headache for the industry – not only could they face financial consequences if they fail to handle the claims properly,  they could also damage the customer experience, which could do damage over the longer-term if customers decide to turn their backs on a bank as a result.

Andrew Stevens, Banking expert at Quadient: To weather the storm, banks must place a firm focus on Process, Proactivity and Proof, making sure they follow the processes laid out by the FCA, behave in a proactive manner, and being ready to prove they have done so.

Making a PPI claim is a complicated process, so customers will be looking for clear, consistent communication. Banks may be dreading the likely deluge of last-minute claims, but they can turn this into a positive situation by taking it as a wake-up call on customer experience; dealing with the claims in an efficient, helpful manner will, in fact, give banks the chance to position themselves as providers of helpful, proactive customer experience.

 

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