The FCA’s advertising campaign had yielded results as PPI complaints have increased by 40% in just six months after implementation. Featuring the voice and the bizarre tank-tracked disembodied head of Arnold Schwarzenegger helped improve the FCA’s PPI page’s visibility.
Complaints have reached about 2.21 million, which was 13,000 fewer compared to the first half of 2017.
CEO Director of Strategy and Competition Christopher Woolard said the PPI deadline’s announcement and advertising campaign are both effective in encouraging consumers to decide when to claim.
Previously, the Arnold advertisements had aired its second version wherein the disembodied head is telling people to “do it now” while inside a public bus.
PPI is the UK’s biggest financial scandal with over £40 billion earmarked for consumer refunds. The FCA’s advertising campaign, which banks funded through levies amounting up to £42.2 million, intends to increase awareness about PPI through an “old-fashioned public announcement” airing on TV and Internet streaming sites.
Meanwhile, MoneySavingExpert founder Martin Lewis said the FCA advertisements are misleading for asking consumers to search the phrase “FCA PPI” to find the City watchdog’s PPI page. He mentioned using the actual URL because claims management companies, which charge a portion of the refunds if they successfully make a claim, can take advantage of search engine algorithms.