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FCA ropes in Hollywood star Schwarzenegger for PPI campaign

Arnold Schwarzenegger’s character The Terminator from the 1984 hit film

The  FCA will push its deadline for payment protection insurance claims with a launch of a new advertising campaign today front by The Terminator star Arnold Schwarzenegger.

The campaign, paid for by the eighteen firms that got the most complaints between 2009 and 2015, urges customers to check on their PPI complaints before 29 August 2019.

The FCA has created a new dedicated phone line to assist for the service, an updated website area and a TV, online and outdoor advert featuring Hollywood star Arnold Schwarzenegger.

Schwarzenegger won the Mr Universe body building title before going on to star in a host of blockbuster action films.

Chief executive Andrew Bailey says: “Our campaign aims to cut through the noise on PPI. We want to encourage people to decide whether to find out if they had PPI and whether to complain or not.

“Our message, and Arnie’s, is ‘do it now’ and I urge people to make a decision before the deadline on 29 August 2019.”

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.

According to the FCA, more than £27bn has been paid to customers since the introduction of PPI complaining rules in 2011.

The updated PPI web page is to be found here with details on how to apply here.

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Comments

There are 18 comments at the moment, we would love to hear your opinion too.

  1. “The campaign is costing a total of £42.2m, including advertising and the new dedicated phone line to assist people with their PPI queries”

    So now the PPI CMC industry has just had a boost in the form of a £42m advertising campaign.

    And as for this?

    “Today also marks the start of a new basis for complaining about PPI, meaning customers could be entitled to compensation even if they were not mis-sold.

    If a customer has complained about PPI previously and had the complaint rejected, they may be entitled to compensation if the provider earned a high level of commission from selling PPI”.

    Words fail me.

  2. Arnie is getting 1.5m for the add brilliant will the FCA BE BACK FOR MORE MONEY FROM US OR THEY WILL SEND THE TERMINATOR IN.

  3. Arnie should be saying “I’ll be back” as the PPI debarcle never terminates. Files are reopened time and time costing more than Arnie’s £1.5 million fee to pose in an advert for an hour or two. Time to say to the PPI review “Hasta La Vista, Baby!”

  4. So what stops them opening the flood gates and allowing anyone and everyone whoever bought any form of assurance from making a claim claiming it was missold. Since the advent of the CMC I have had 10 spurious claimants trying it on. 2 claiming I sold them PPI (which I’ve never sold) and 8 who tried it on with other assurance products such as Mortgage Term, PHI and Whole of Life products. Fortunately and as required I have comprehensive client files recording everything that transpired. Nevertheless I have had 2 try it on with the ombudsman and lost, but it still costs me time, money and stress.
    Something went terribly wrong with PPI but something went equal badly when it came to the open door policy of “have a go, you have nothing to lose… you might even get something (for nothing) back

  5. At the risk of sounding thick as too short ones but…..”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”.
    Just how exactly should any consumer of any product be entitled to compensation that was not mis-sold just because the provider earned commission from it?
    As Derek said above, words fail me

  6. Oh and another thing. Does it the follow that anyone who has already received compo for being mis-sold PPI should be allowed to claim a bit more based on the level of commission earned?

  7. Robert Milligan 29th August 2017 at 3:51 pm

    This is Ludicrous, The cost should have been covered by the Fines Imposed for the miss selling, not additional funding by the 18 or so as mentioned, most of the 18 are banks of one kind or another, and its never Personal Monies that are used to repay the fines, the two from LLoyds come to mind, rather than pay our their bones from the public purse! But really, we have had some stupid fluffy blob advertising Auto Enrolment, now we get some gun-ho mega destructive actor, who has very little regard for the Law, of what ever land he is in, endeavouring to encourage those who have been hibernating for the past six years or so to claim for something they possibly never had, this is the Political Correctness of a minority wagging the ” Where’s My Knighthood” banner. Who ever sanctioned this off at the FCA should be ashamed of themselves, and yes my name is attatched

  8. i westminsterwills.co.uk 29th August 2017 at 4:14 pm

    Arnold Schwarzenegger for PPI ?
    How appropriate -I’ll be back !

  9. Gummint refuses to order a full review of PPI sales…why?

  10. Is the FCA on commission from the CMCs?

    No doubt I’ll have to contend with more irritating phone calls and letters. At least with letters I have the satisfaction of returning them in the pre-paid envelope, at CMC expense, while telling them to go forth and multiply.

  11. Many will be pleased to know….I truly am lost for words

    • Me too!:-)… Well other than to say that I saw the advert last night and found it bizarre and a little creepy!

      A serious matter such as this just needed a serious announcement from the Regulator, not pantomime at a stupid price!

  12. I watched the ad and think it looks and sounds lamentably cheap, cheesy and amateurish. Even the voiceover doesn’t sound quite like the real Arnie.

    Who’s idea was it to rope in the voice of a 70 year old Hollywood star now considerably past his best? What’s the supposed relationship between PPI mis-sales and second rate shoot ’em up American action movies? Who wrote the (feeble) script? Who approved it? Were competitive tenders sought?

    It’s tempting to suggest that the FCA should stick to what it does best, but…

  13. Robert Milligan 31st August 2017 at 2:46 pm

    I unfortunately watched the Advert last evening, What an absolute disgrace, What is the FCA doing asking clients to contact them, surely they should be advised to contact the Provider of the Advice, NOT THEM! who do they think they are, If we are to believe the Regulator of the Products and Advice process including the Independent, none biased FOS, is its self none biased, Its position has become untenable as a Regulator, Clearly, the FCA has taken it upon its self to be Regulator of the Products and Advice plus in addition the “Joan of Arc” of the bewildered public. This advert is inflammatory and belittles the Public whoever Directed it and signed off payment for it should be hanged drawn quartered.

  14. Saw the ad last night. Dreadful. That’s equivalent to 12% of the entire FSCS levy frittered away in one go.

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