An animatronic Arnold Schwarzenegger hilariously greeted TV viewers in the last few days in the FCA’s latest advertisement that advertising agency M&C Saatchi had developed specifically for payment protection insurance claims. According to observers, the FCA is hoping to “annoy” consumers into making a complaint or inquiry regarding their insurance policy before August 29, 2019, the appointed PPI claims deadline.
Arnold Schwarenegger’s real voice was used in the advertisement. However, his representation is a funny, sketchy version that pops out of nowhere with a message: “Do it now.”
The message reflects the FCA’s call to all consumers nationwide to process their enquiries at the soonest possible time. The City watchdog believes UK’s consumers do not find it compelling to process their PPI claims because there is no deadline or deterrence for them to do it without trouble.
However, consumer groups rebut the FCA’s statement, stating that consumer morale to make a complaint is low because of the incompetence of the banking industry to make the complaints system integrated and simple.
The City watchdog has called on the financial sector to improve its services for customers complaining about their wrongly-sold financial products. However, the banks have yet to show signs of improvement in the system to have them do the complaints by themselves and not with CMCs.