The Financial Conduct Authority (FCA) publishes report on the progress of its PPI campaignWednesday, October 24, 2018
The Financial Conduct Authority (FCA) has published an update on the success of its Payment Protection Insurance (PPI) consumer communications campaign.
Raising awareness of the PPI deadline
Aimed at over 25s, the campaign was created to raise awareness of the PPI deadline. It features the animatronic head of Arnold Schwarzeneggar explaining how to check for PPI.
The campaign has encouraged more people than ever to check if they have PPI before submitting a complaint. This has made the process more efficient and saved time for consumers and the firms responding to them.
Because of this shift, fewer complaints have been rejected on the basis of ‘No PPI’. The percentage of upheld and redressed PPI complaints has increased to 80%. Interestingly, since the campaign launched, £3.7 billion of redress has been paid out.
The report also found that firms have been responding positively to the FCA’s supervisory work; improving the accessibility of their PPI pages, presenting information in a more engaging and accessible way and taking proactive steps to improve information for vulnerable consumers.
Thanks to this supervisory work, the FCA has been able to ensure that firms have taken the right steps in dealing with consumer complaints. This has resulted in fewer decisions being overturned by the Financial Ombudsman Service.
The next phase of the campaign will run until the deadline on 29 August 2019. It will continue to focus on raising awareness that the deadline is approaching and strengthening the public’s understanding of how to complain.
The FCA will publish its final report on PPI in early 2020. It will provide a review of the impact of their imposed measures and draw the PPI issue to a close.
Visit the Financial Conduct Authority website to read the full report.