PPI payouts up 64% following FCA campaign

Its data shows that 8.4m checking enquiries were made, with monthly volumes 40% up on their immediate pre-campaign level, and over 2 million people have visited the FCA's PPI website.

Additionally, more consumers are complaining themselves instead of going to claims management companies. 55% of complaints have been made directly by consumers, compared to 45% before the campaign.

The FCA says that firms have responded positively to the campaign and have improved accessibility of their PPI pages, presented information in a more engaging and accessible way and taken proactive steps to improve information for vulnerable consumers.

The regulator also believes its supervision to ensure firms are taking the right steps in dealing with consumer complaints has been effective, as FOS is over-turning "far fewer" of firms’ complaints decisions.

As the campaign moves into its second year, the FCA says it aims to continue the improved understanding of PPI, the deadline for complaining and what to do, particularly amongst BAME and disabled consumers.

Jonathan Davidson, executive director of supervision, retail and authorisations at the FCA, said: “We are encouraged by the results of the first 10 months of the campaign. However, with less than a year until the deadline, we will carry on working hard to ensure every consumer has had the chance to make a decision on whether to complain about PPI. Since 2011 more than £30bn in redress has been received by consumers.

“Where we have seen firms failing to meet the standards we expect, we have challenged them to make improvements.”