In conjunction with its controversial PPI claims deadline, the Financial Conduct Authority’s appointed media strategist, M&C Saatchi, would have Arnold Schwarzengger and other Hollywood stars to take up the messenger role to discuss payment protection insurance and thrust the knowledge into television viewers.
According to AOL, Arnold, along with other Hollywood stars, have become “unexpected faces of finance.” It said that George Cole, Iggy Pop, Kerry Katona, Martin Clunes and Stacey Solomon, actors famous during the 90s era of action films, music and other media.
Arnold is said not to take on an active role but rather, do a voiceover of an advertisement. The advertisement is said to help people recall him from Total Recall. The idea was to use the film’s former premise and connect this to customers trying to recall whether or not they were mis-sold payment protection insurance.
In March, the Financial Conduct Authority had announced it would set a PPI claims deadline by 29 August 2019 and would use a consumer communications campaign to help announce to people they are due compensation for a mis-sold insurance policy they cannot use. The UK banking industry had mis-sold the insurance policy deliberately as it pushed employees to mis-sell the insurance for better bonuses and incentives.