Over 50% of PPI complaints now done without claims firms
More consumers are making mis-sold PPI complaints themselves instead of going to claims management companies, a report by the financial regulator has said.
The Financial Conduct Authority (FCA) says that since it launched its campaign pushing consumers to make mis-sold payment protection insurance (PPI) complaints before next August's deadline, 55% of complaints have been made directly, compared to 45% beforehand.
The FCA has published the information this morning as part of its progress report on the campaign.
If you've been mis-sold PPI, the clock is now ticking. With the regulator spending millions to advertise the 29 August 2019 reclaim deadline it'll likely jam up the system, so act now. See our Reclaim PPI for Free guide for full help.
What effect has the campaign had?
The FCA says there has been a clear increase in consumer action since it launched its campaign – which famously features Arnold Schwarzenegger's animatronic head – was launched in August 2017:
- 8.4 million PPI checks have been made by customers to see if they had a policy, a 40% increase on pre-campaign levels.
- 3.7 million complaints have been made to reclaim mis-sold PPI payments, a 63% increase on the ten months before the campaign.
- Over two million people have visited the FCA PPI website since the campaign launched.
- £3.7 billion of redress was paid in the ten months after the start of the campaign, 64% more than in the ten months before it.
Think you may have been mis-sold? Act NOW
The FCA has warned that claims over how PPI was sold must be received by the firm you're complaining to on or before 29 August 2019, or they won't be considered – so if you think you've been mis-sold, act now.
What does the FCA say?
Jonathan Davidson, executive director of supervision, retail and authorisations, said: "We are encouraged by the results of the first 10 months of the campaign.
"However, with less than a year until the deadline, we will carry on working hard to ensure every consumer has had the chance to make a decision on whether to complain about PPI. Since 2011, more than £30 billion in redress has been received by consumers.
"Where we have seen firms failing to meet the standards we expect, we have challenged them to make improvements."