The FCA has contacted the two most prominent advertisers in the country to plan and execute the £42m bank-funded advertising campaign in an effort to help all UK citizens to claim their mis-sold PPI refunds before the PPI deadline on June 2019. The two advertising agencies will launch the ad campaign by June 2017 — two years before the deadline.
FCA has hired M&C Saatchi for developing the advertising brief. The advertising agency will create a message that clarifies the procedures to claim mis-sold PPI and inform consumers of their rights to claim their refunds. Manning Gottlieb OMD will handle media buying and asset management.
Mis-sold PPI is the UK’s biggest financial scandal in history with a total refund amount of £40bn — £25b of which banks have returned to consumers. Taxpayer-hauled banks Lloyds and RBS have the biggest PPI refund allocations.
Lloyds has set aside more than £17.1bn for PPI while RBS is at £4.7bn. Other “big banks” are HSBC with £2.9bn and Santander with £1.6bn.
Despite the upcoming deadline, PPI complaints still come out on top of the Financial Ombudsman Service’s queue. The Ombudsman said it receives an estimated 43,000 PPI complaints per quarter with 70% of the bank-rejected claims ruled in favour of consumers.