In the next few weeks, banks estimate they will receive thousands of PPI complaints once the FCA’s £42.20m bank-sponsored awareness campaign begins airing in televisions and its marketing campaigns. The campaign is scheduled to air on Tuesday, August 29, 2017, two years exactly before the FCA-set deadline on August 29, 2019.
The commercial will continue to air until the appointed deadline. It is said to feature numerous 90s stars including Arnold Schwarzenegger, who will reprise his role in the era’s action classic “Total Recall” where he guides customers through his voice on how to know if they were mis-sold an insurance policy. According to banks, they may face thousands to hundreds of thousands of complaints in the upcoming months.
Lloyds, HSBC, Barclays, RBS, and the other 14 banks with the highest complaints regarding payment protection insurance will prepare extra allocations despite admitting they are uncertain regarding the number of complaints they could receive during the time.
Lloyds said it has a remaining amount of £1.1 billion bill before it adds its further £700m earmarked amount during its second quarter financial report. HSBC has £860 million to add to its PPI refund package. Barclays has an estimated £2 million before using its remaining reserves.
The allocations for the PPI refunds package include administrative costs involved in processing the complaints.