Often-useless insurance was packaged with products that people may not expect such as car finance and store cards, watchdog says
An animatronic Arnold Schwarzenegger will grace UK television screens from Wednesday, reprising one of the all-action hero’s less critically acclaimed roles.
In the advert, the muscle-bound Hollywood star’s disembodied head, which is attached to tank tracks, emerges from a shopping basket to remind people of the 29 August deadline for claiming compensation for mis-sold payment protection insurance (PPI).
The unusual ad is the second time that Arnie has been enlisted to front a campaign by the Financial Conduct Authority (FCA). The watchdog wants to make sure consumers are aware that PPI was often tacked on to a wide range of products, not just loans.
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The often-useless and frequently overpriced insurance was packaged with car finance, credit cards, catalogue credit, store cards and mortgages throughout the 1990s and 2000s meaning that many people have still not claimed refunds they are due.
Andrew Bailey, chief executive of the FCA, said the largest firms have reported an increase in the number of customers contacting them directly about PPI since it first featured the Terminator star in its ads in August last year.
He said customers were also keeping more of the redress that they are due thanks to changes in how complaints are handled.
“We want people to act before the deadline,” he said. "Dig out that old paperwork, visit our website or call our helpline to find out how to check if you had PPI and how to decide whether to complain.”
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The new adverts will run on radio, social media, video on demand and outdoor advertising including bus stops and will run alongside some of the existing Arnie adverts.
Since the campaign launched the FCA has received nearly 17,000 calls to its helpline and nearly 900,000 people have visited its campaign website.
People who want to discuss whether to complain about PPI can call the FCA’s dedicated helpline on 0800 101 8800 or visit the FCA’s website www.fca.org.uk/ppi for more information.
Gareth Shaw, a personal finance expert at Which?, said: “As the deadline to claim on PPI draws closer, we’re urging anyone who thinks they might have been mis-sold PPI to lodge their claim now.
“There is potentially hundreds of millions of pounds worth of compensation owed to consumers ripped-off by the scandal that could go unclaimed. So use our free PPI tool to make a claim before it's too late.“