Arnold Schwarzenegger is fronting a campaign warning consumers they only have two years to claim compensation for mis-sold payment protection insurance (PPI).
An animatronic model of The Terminator star and former governor of California’s head features in the awareness adverts – paid for by the financial services firms with the worst complaint record for PPI.
In the commercials, Arnie shouts “come on” and “bye byes to the PPI” as he urges shoppers to make a decision on claiming compensation.
The £42m campaign is the brainchild of the Financial Conduct Authority (FCA), which believes the sector’s biggest mis-selling scandal is far from over as the clock ticks down to the 29 August 2019 deadline for claims.
Video: Regulator’s best way to make a PPI claim
Updated figures from the City watchdog would, on the face of it, suggest it has a point.
There were 64 million PPI policies sold by the likes of credit card and mortgage providers.
There have been 12 million successful claims to date against PPI – an insurance product which was aimed at covering bills in the event of the policyholder losing their job or being off sick.
Up to four million have been rejected.
Banks and other providers have set aside £37bn to cover the cost of investigation and compensation though only £27bn has been paid out so far.
Image: Lloyds accounts for almost half of the total provision banks have made
FCA chief executive, Andrew Bailey, said: “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.”
The FCA used the launch of the awareness campaign to announce that customers could be entitled to compensation even if they were not mis-sold.
It said if someone had 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.
The watchdog said it had also established a new dedicated phone line designed to assist customers with their PPI queries – with full information on how best to claim available on its website.
Regulators and consumer groups have urged people to complain directly amid a crackdown on the activities of claims management firms – an industry largely born from the PPI scandal – with gripes ranging from cold-calling to high fees.