Prepare for PPI nuisance calls as claims deadline is set

 Consumers are being warned to expect PPI nuisance calls after City regulators revealed two thirds of victims have yet to claim compensation.

According to the Financial Conduct Authority (FCA), 12million people have so far made successful claims against firms which mis-sold them PPI, a form of insurance. This compares to a total of 64million policies sold, of which up to 51 million (80 per cent) may have been mis-sold.

The figures came as the FCA yesterday launched a £42million advertising campaign featuring Arnold Schwarzenegger in a bid to raise awareness of the 2019 deadline for claiming.

Despite the claims management industry so far taking about £5billion of compensation money for themselves, the adverts do not warn customers to avoid them. According to the Professional Financial Claims Association, which represents claims firms, there is still £50billion of premiums which need to be repaid in compensation.

Andrew Bailey, chief executive of the FCA, 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.”

As part of the campaign, firms have agreed to ensure the complaints process is as easy as possible for their customers. This includes providing an option for people to submit their complaint online, ensuring that complaint forms are easy to understand and giving support to vulnerable customers who may need help to submit complaints.