RegulationAug 16 2017

FCA prepares to launch PPI campaign

Search sponsored by
FCA prepares to launch PPI campaign

The Financial Conduct Authority is preparing to launch its industry-funded communications campaign about the payment protection insurance compensation deadline.

After 29 August 2019 people will no longer be able to launch a complaint about PPI and the FCA will be launching a two-year awareness campaign later this month.

The campaign is being funded by 18 firms which together receive more than 90 per cent of the complaints about PPI sales.

Ahead of the campaign launch, the FCA has also asked these firms to make it easier and quicker for people to complain in anticipation of an increase in demand.

A spokesman for the FCA stated: “Over the next few months, we will be focused on ensuring that any increase in the number of complaints does not affect the quality of service consumers receive.

“We will be closely reviewing the operational activities at larger firms to ensure they are dealing with all PPI complaints fairly and promptly, and that they will be able to continue doing so.”

The FCA has also said it will collect information on customer satisfaction rates and how the complaints process is working, with a particular focus on people who may be vulnerable.

The regulator added: “Firms have committed to using clear, straightforward language about PPI that is consistent with our communications, so that the process is as simple as possible for people to understand.

“We have already reviewed and challenged the commission rates and profit share sums that larger firms will be using to assess complaints about commission they earned.

“This is to ensure that their approaches are consistent and reasonable, and provide a fair basis for handling complaints.”