18 firms to fund FCA's Schwarzennegger PPI campaign

In an advert launched today, an animatronic model of Arnie’s head is seen urging people to make a decision about making a PPI complaint before the deadline on 29th 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.

Over £27.4bn has been paid out to customers since the FCA introduced rules for complaining about PPI in 2011.

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.

The campaign will appear on TV, online and on outdoor advertising across the UK over the next two years.   

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."