FCA hires Arnold Schwarzenegger for PPI advert campaign

Clock starts ticking ahead of two-year PPI claims deadline

Arnold Schwarzenegger is fronting a weird campaign from the Financial Conduct Authority created to raise awareness for the Payment Protection Insurance complaints deadline.

An animatronic model of The Terminator star and former governor of California's head features in the awareness adverts - paid for by the financial services firms with the worst complaint record for PPI.

Customers who have been previously rejected on their PPI complaints may now still be entitled to compensation even if not mis-sold if the provider earned a high amount from selling the insurance. Payment protection insurance was sold by banks and credit card providers, among others, from the early 1990s as a measure to cover customers should they fall ill, or lose their job, and be unable to make payments on mortgages, loans, credit cards, catalogue cards etc. It's meant to ensure that payments are made if the borrower is unable to make them due to sickness or unemployment.

"Our message, and Arnie's, is "do it now" and I urge people to make a decision before the deadline on 29 August 2019". The FCA said £27.4bn has been paid out in redress so far, with more PPI pay-outs on the horizon for banks.

How can I claim if I wasn't mis-sold?

New accountability rules which make people personally responsible for the design and distribution of financial products are already triggering changes in behavior, she said. Millions of people who did not want or need PPI, were mis-sold PPI primarily between 1990 and 2010.

About 64 million PPI policies were issued and, while some would have been sold correctly, most were not.

According to Which?, bank loans with PPI typically had 67% commission and banks nearly never mentioned it, so a lot of people are likely to be owed compensation.

The watchdog said it had also established a new dedicated phone line created to assist customers with their PPI queries - with full information on how best to claim available on its website.

People who could be owed thousands of pounds have two more years to complain, a significant new advertising campaign will warn today.

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