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, which features the animatronic head of Arnold Schwarzenegger, was created with the goal of raising awareness of the PPI deadline and improving understanding of how to check for PPI.
The report shows that the campaign has encouraged more people than ever to check if they have PPI before submitting a complaint, making the process more efficient and saving time for consumers and the firms responding to them.
This shift means that fewer complaints have been rejected based on ‘No PPI’. The percentage of upheld and redressed PPI complaints has increased to 80% with £3.7 billion of redress being paid out in the 10 months since the campaign launched.
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 leading to far fewer complaint decisions being overturned by the Financial Ombudsman Service.
The next phase of the campaign will run until the deadline on 29 August 2019 an will continue to focus on raising awareness that the deadline is approaching and strengthening the public’s understanding of how to complain and what they need to do before the deadline hits.
In early 2020, the FCA will publish its final report on PPI which will provide a review of the overall impact of their imposed measures and draw the PPI issue to a close.
Visit the Financial Conduct Authority website to read the full report.