Tens of thousands of PPI claims continue to flood in as the deadline for making a claim draws ever closer.
In March last year the Financial Conduct Authority (FCA) finally agreed to the UK banking industry’s request for a final deadline on making claims and set the date for August 29th 2019.
But as part of that agreement it required the banks to fund a £42 million customer awareness campaign to try to ensure no-one with a legitimate claim misses out on compensation they are fairly due.
Headlining the campaign is Terminator Arnie Schwarzenegger whose animatronic head can be seen on TV adverts trying to drive home the FCA’s message about not missing out.
Since 2011 £30.4 billion has been paid in compensation for mis-sold PPI policies, but the regulator acknowledges that is only a fraction of the number of potential claims. Between 45 and 60 million PPI policies were sold over the last three decades, but only 20 million have been claimed on so far.
Not every policy will have been mis-sold, but there is obvious potential for millions more to make a claim before time runs out.
Many people have hesitated to make a claim so far because they either cannot remember the exact details of the agreement the policy was attached to or are unsure whether they took out the insurance at all.
It’s these people the FCA campaign is aimed at motivating with the DO IT NOW! demand by Arnie and it seems to be working.
The FCA has a special website dedicated to the campaign which has had over 1,2 million hits while its special phone line is taking over 9,000 calls a month.
The banks continue to prepare for a last minute flood of claims by adding millions to their PPI compensation provision.
New PPI claims
Lloyds added another £90 million to their pot in April after previously revealing that they are still receiving around 11,000 new PPI claims a week.
Barclays added £400 million after their claims soared by 16% and CYBG – the former Clydesdale and Yorkshire Bank – added a massive £350 million after receiving 59,000 new claims in the previous six months.
“Lloyds added another £90 million to their pot in April after previously revealing that they are still receiving around 11,000 new PPI claims a week.”