FCA: PPI deadline advertising campaign not reaching those that matter?
There is just over a year before the Financial Conduct Authority [FCA] Payment Protection Insurance [PPI] complaint deadline comes into force on 29 August 2019. With so little time left to claim it is right that rational analysis of the progress towards the deadline is undertaken. All companies review the progress of a marketing campaign and the FCA should not be excluded from such a process.
The statistics show the current position
There is no dispute that the monthly amounts of PPI refunds have increased over the last year; as FCA data shows. In 2017 monthly redress payments were averaging £280m; now the figure for the first quarter of 2018 is an average of £388m.
Total refunds are woefully short of the £100bn that commentators say should be repaid.
Consumers remain unaware of the PPI deadline
Sadly, consumers remain blind to the deadline, despite the efforts of the FCA ‘Arnie’ campaign. Research undertaken by Populus on behalf of the PFCA shows that consumer, PPI deadline knowledge is not increasing despite a number of advert ‘bursts’. In July 2018, Populus asked, “To the best of your knowledge, what is the deadline set by the FCA (Financial Conduct Authority) by which consumers must complain about the sale of PPI (Payment Protection Insurance) for their complaint to be considered? If you don’t know, please say so.” We asked the same question in January and April 2018. The lack of awareness of the deadline is just not changing, as shown below.
|(All respondents)||January 2018||April 2018||July 2018|
|I don’t know / I did not know there was a deadline||50%||48%||50%|
The Populus survey goes further as it also shows that 43% of GB adults agree that the PPI deadline should be extended until the banks have repaid consumers an agreed total amount, while less than 18% disagree. A large proportion (45%) still remains that are not sure if they were mis-sold PPI, are these are the consumers who matter?