| Financial Regulators, PPI

The Financial Conduct Authority (FCA) is to launch a campaign that is expected to cost more than £40m and is designed to remind customers of the two-year deadline for claiming mis-sold payment protection insurance, although it still hasn’t confirmed whether external PR support is desired.

The advertising firm M&C Saatchi has been hired for the brief, whilst the media agency Manning Gottlieb has been brought in to handle media buying.

However, a statement from the FCA declined to comment on whether any other PR agency would be appointed for the campaign of whether the FCA would be dealing with this in-house.

The campaign is expected to kick off in June 2017, although this is highly dependent on when a final deadline is set allowing customers to lodge complaints for PPI.

This is a further blow to the banks, who have already spent nearly £30bn in the last decade to right their wrongs, as they must stump up the cash for the advertising campaign.

So far Lloyds has been responsible for over half of the total bill so far and are by far the worst offender setting aside £17.1bn for possible claims, Barclays, RBS and HSBC have also contributed in a massive way.

Complaints continue to be lodged about mis-sold PPI. The Financial Ombudsman Service received 43,000 customer complaints between July and September this year after their claims were rejected by banks.

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