PPI Complaints Doubled in Half a Year After FCA’s Ads

April 27, 2018
by admin in PPI News

The notorious payment protection insurance with a deadline for claims on August 29, 2019 has gained traction among claimants after the ongoing yet successful FCA advertising campaign had urged consumers to make a claim for their mis-sold insurance policies.

The bizarre yet meaningful advertisement starring the voice and animatronic head of Hollywood legend Arnold Schwarzenegger has urged consumers to “do it now” and make a PPI claim to obtain their refunds. The advertisement calls for consumers to search for “FCA PPI,” which will then lead them to the City watchdog’s dedicated page for PPI mis-selling.

Complaint figures have reached about 2.21 million, 13,000 fewer compared to 2017’s first half, but nonetheless a huge improvement that will only increase as the PPI deadline approaches.

Meanwhile, MoneySavingExpert founder Martin Lewis believes the FCA’s advertisements are troublesome than they are helpful. He said asking for consumers to search particular keywords that claims management companies can hijack for advertisements will mislead consumers to CMC landing pages where they are led to believe reclaiming refunds requires payment.

In his algorithm test regarding the FCA’s instruction, he revealed that two of the top-tier results of the initial page using the key phrase mentioned had revealed two CMCs who had funded the advertising for the keywords.