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PPI Claims Communications Campaign Begins — With Arnold’s Puppet

Strange at it may seem, the hint of Arnold Schwarzenegger’s voice as the only real thing in the Total Recall PPI advertisement to raise awareness has resulted into something more bizarre. Advertising agency M&C Saatchi, responsible for developing the particular campaign, uses a robotic puppet with Arnold’s artificial face talking to consumers to “just do it,” pertaining to making a complaint.

The £42.2 million advertising campaign began at exactly 29 August 2017 and it will end on the exact month and day in 2019. The “old-fashioned” public service announcement is intended to “annoy” consumers into acting on their mis-sold insurance and claiming their refunds. The FCA believes the UK’s afflicted had not made any moves in the last few years because no deadline is urging them to make a complaint.

However, consumer groups are defiant against the deadline because banks and the rest of the financial industry have yet to make the claims process simpler. The FCA had echoed this call to the sector, who promised they will improve the procedures for customers.

Mis-sold PPI numbers are estimated to be at 16 million from the year 2000 to 2009. The number might still be bigger because UK’s banking industries have sold the product since the 90s. The total refund package is now at £40 billion, the biggest in the history of the United Kingdom.

The £42.2 Million PPI Mis-Selling Awareness Campaign Begins

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.

The UK’s PPI Claim Saga So Far in 2017

The UK’s mis-sold PPI saga turns 10 this year. However, the entire fiasco has yet to be resolved even after the August 29, 2019 deadline imposed by the Financial Conduct Authority. However, the FCA promises that its advertising campaign can help raise awareness about processing for refunds, and vows to have banks improve the existing claiming systems.

The UK’s advertising campaign is set to launch by the end of August. The £42.2m campaign is funded by 18 banks who receive more than 90% of complaints through previous levies imposed by the FCA.

The FCA had also asked the banks to make PPI Claims easier because of the possible increase in demand in the next few years. According to an FCA spokesperson, the watchdog will make sure that the increase in complaints will not affect the banks’ quality of service for processing consumer claims.

Meanwhile, the UK financial services mediator, the Financial Ombudsman, said on Tuesday that 80,234 new complaints between April and June saw a fall in the number of complaints for mis-sold PPI. However, it pointed out that 40 per cent of customers had their complaints upheld, and PPI is still leading in the number of complaints the Ombudsman processed.

 

Lloyds Is Only Halfway Through Its 16 Million PPI Claims

Lloyds Banking Group shocked its investors after unveiling in its half-year performance report that it is only halfway in resolving its 16 million potential mis-sold PPI complaints in the last decade. The bank has the highest allocation for mis-selling, accounting for half of the £30bn industry total.

Lloyds estimates it has resolved 50% of its insurance mis-selling issues. The bank had sold 16 million policies from the year 2000. Analysts believe that Lloyds is likely to increase its bill in the next year, a possible last allocation aside from the £700m it added to its refund package this year.

HSBC had added £200m to its £4.9bn total refund package for mis-sold policies. According to the bank, the announcement of a claims deadline had increased consumer awareness, which is expected to increase further after the FCA launches its £4.2m advertising campaign to televisions and the Internet.

The FCA’s deadline for policy claims was not met happily by consumer groups and claims agencies. Claims management company We Fight Any Claim vowed to raise awareness about the FCA’s failure to protect consumers from unfair organisations. The CMC lost its first legal bout with the FCA, but it promises to continue its fight to raise awareness regarding PPI and the FCA’s activities.

Three Reminders To Ensure Your Claim Before The PPI Deadline Succeeds

In just two years, the Financial Conduct Authority will shut down government support for claiming refunds from a mis-sold PPI. Despite being fair or not, consumers have a crucially short time to regain their £3000 worth of refunds. To make sure you succeed, here are three things to remember.

 

Account Numbers

Immediately rectify missing or forgotten account numbers. This serves as a sign towards mortgage payers from 10 to 20 years in the past. You may have forgotten your mortgage account numbers, but there are ways to recall them, such as running a personal credit check or conducting a data access request from your lender.

Fill Out Your Information Correctly

Upon performing a personal credit check or DAR, fill out the most important details of your complaint effectively. Lenders need your account number and other personal details to ensure you did purchase a PPI from their bank without your knowledge.

Claims Management Representatives

Having a claims management company work with you might not be up your alley, but they can invest the time needed to get your PPI complaints while you are at work. In case of elderly clients, they can become the legs that allow them to claim their refunds.

The best part with CMCs is that they work under a no win no fee basis, allowing you to see if you do have a mis-sold PPI policy and pay only if the CMC could help you reclaim your refunds.

Filling Out Your PPI Claim Form In Three Easy Ways

A wrongly-filled PPI claim form would lead to multiple returns to the bank or Financial Ombudsman because of erroneous information or multiple rejections. The PPI claim form is the first inquiry type you are to submit to both your bank or Financial Ombudsman and filling out all questions properly is crucial to a quicker PPI claims processing.

Important Questions

Question A4 asks for your account number for PPI. The insurance serial number is important for the bank’s database to verify the insurance policy’s existence in their system.

Question C1 would then ask you about the financing agreement both you and the bank settled, which the PPI covers.

Forgotten/Missing Information Details

You paid decades for your mortgage covered by an insurance policy you did not intend to buy. If you have forgotten or misplaced your account’s information details, a data access request (DAR) costs about  £10 but it helps you find your account information and other details effectively. A CMC could also do this for you free of charge. Here’s how to begin a traditional PPI claim with a CMC.

Making a Claim Without Paperwork

To make a PPI claim without paperwork, you can run a credit check on yourself. The check would allow you to see your transaction history with almost every bank you have interacted. This history makes it easier to know the possible account numbers of your missing mis-sold PPI too.

Banks Struggling To Repay PPI Claims Use A Frequent Alibi

A CMC representing organisation claims banks are unlikely to commit to their promise of smooth PPI claiming for consumers given their increasing alibi use that claims they have misplaced or could not find the information of their consumers. From the announcement of the PPI claims deadline in March, PPI continues to top the most-complained about financial products in the UK according to a digital complaints app.

The Alliance of Claims Companies (ACC) indicated that several banks, lenders and other financial institutions have increased the use of an alibi that claims to have misplaced or not find consumer information. The ACC revealed that one motor finance company, Blackhorse, had increased its used coming from 0% in January to 80% in April a month after the PPI claims deadline announcement.

The excuse had allowed banks to buy time or reject a potentially legitimate consumer complaint.

The ACC, which represents several claims management companies, said their represented will stand not to gain any positive economy from the release of data. The publication is to warn consumers about the actions of banks despite the PPI claims deadline announcement.

According to complaints app Resolver, payment protection insurance is  still the most-complained about financial product in the United Kingdom. About 262,000 complaints from January to April 2017 it attributes to PPI alone.

 

CMC Makes Good On PPI Claims Deadline Legal Challenge

We Fight Any Claim continues its fight against the Financial Conduct Authority to postpone and ultimately cancel the PPI claims deadline. On the context that the FCA has abandoned its responsibilities to prioritize the welfare of consumers, the CMC had leaned on the reasoned opinion of Stephen Knafler QC, who said for the FCA to impose a PPI claim deadline would mean a violation of the constitutions that materialized the watchdog’s existence.\

According to We Fight Any Claim, only the banks and lenders would benefit from the said deadline. Ordinary UK consumers are likely to lose their recompense, even with the PPI claims consumer communications campaign.

FCA Boss Andrew Bailey said the August 29, 2019 deadline is ample enough time for consumers to begin and finish their PPI claims.

The FCA’s consumer communications campaign involves a public service announcement aired through a TV commercial. It was said California Governor Arnold Schwarzenegger would use his voice for the “Total Recall” movie – based commercial setting, which juxtaposes consumers who might have forgotten if they had purchased PPI.

UK’s PPI bill had seen £26.9 billion paid out to consumers mis-sold the insurance policy. The new deadline, according to the FCA, would allow banks to set expectations on the number of complaints they would possibly receive and prepare accordingly for the influx of PPI complaints.

Claiming PPI Against A Lender Whose Name You Forgot

Sometimes, we can be forgetful as people. Remembering details from almost 20 years ago is a difficult undertaking, but one that is still possible to do. Sadly, in the case of payment protection insurance, we would need the complete details of our lender to help us make a claim for our refund.

Here are three ways to claim PPI against a lender you have forgotten.

Credit File

To get the name of your lender, you could check your credit file. Call a credit score company and have them look up your name. They would tell about your current credit score and the lenders who worked with you. You can see the name of your lender from here.

Registries

Land registries for mortgage lenders can list down for you a number of lenders, one of which is possibly your lender. Registries can find lenders who financed your house. But there is no guarantee you can track them down with this method, but still, this is a better way. It also involves a small fee.

Branch Office

If you still remember the city your lender established itself during the time, you can ask the local government to provide you a list of lenders in the area.

The New Face For The PPI Claims Consumer Communications Campaign: Arnold Schwarzenegger

To curb the PPI scandal, the Financial Conduct Authority (FCA) had announced a PPI claims deadline by August 29, 2019. Having every consumer mis-sold PPI is achievable for the FCA if it proceeds with a “consumer communications campaign,” according to its assessment. Among all the Hollywood representatives for PPI, Arnold Schwarzenegger gets a huge fee to use his voice to urge UK consumers to look at their financing and see if they were mis-sold PPI.

The advertisement, which FCA-appointed M&C Saatchi would oversee, would use “Total Recall’s” star in a scene reminiscent of the hitmaking film of the 90s, placing customers to “totally recall” if they were mis-sold PPI and the procedure to recall it, if possible.

PPI is the UK’s biggest insurance scandal worth £35bn at present. The insurance scandal dragged on for years since the 90s as the real-estate boom had allowed bank employees, wrongfully motivated by incentives for higher work volume, to mis-sell the insurance policy to consumers ineligible for the insurance in the first place.

Consumer groups have condemned the FCA PPI claims deadline because banks have yet to iron out the folds in their PPI claims procedures, which lead to unfair rejections of valid consumer claims. However, the PPI deadline is set to push through despite these complaints and criticisms

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