All outstanding claims for mis-sold payment protection insurance (PPI) must be submitted to firms before 29 August 2019. The Financial Conduct Authority (FCA) has now launched an advertisement featuring the voice of Arnold Schwarzenegger which accompanies an animatronic head of the Terminator actor zooming around a supermarket on caterpillar tracks encouraging consumers to make up their minds about submitting a PPI claim. The advertisement seeks to ensure that as many consumers as possible are aware of the impending deadline for submitting complaints for mi-sold PPI.
The advertisements have been paid for by the 18 firms (including banks, building societies and credit card companies) found responsible for the most PPI mis-selling complaints.
Firms have agreed to a number of steps to ensure that the complaints process is as easy as possible for customers submitting a claim. These include:
- providing an option for people to submit their complaint online
- ensuring that complaint forms are as easy to understand as possible and don’t put customers off complaining
- providing support to vulnerable customers who may need extra help to submit complaints
- providing useful and free-to-use PPI checking processes.
In addition, the 29 August 2017 marks a new beginning in terms of PPI claims as new FCA rules entering into force enable consumers who have been sold PPI (even if not mis-sold) to submit complaints where the commission earned by the intermediary was high (following the Supreme Court decision in Plevin v Paragon Personal Finance Limited  UKSC 61). High commission will be an amount which was more than half the value of the PPI paid.
View: ‘Do it now’ – FCA starts the clock for PPI claims, 29 August 2017