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News

Arnie's ad causes a surge in fresh PPI claims before the August 2019 deadline.

One executive at a major bank told the Mail that claims have doubled since then – likely leading to a jump in payouts when lenders reveal their results this week.

In the FCA’s advert, the head of the Terminator star (pictured) appears on tank tracks angrily demanding that consumers ‘make a decision’ on whether to make a PPI compensation claim.

Since the launch of its campaign, which cost £42 million, the regulator set up a website that was visited by 12,500 people every day last month, while more than 9,400 people have also called an FCA helpline.

Lloyds, Barclays and NatWest owner Royal Bank of Scotland all report their third-quarter results this week, and they are expected to show a major rise in PPI complaints. A senior figure at one of the big banks said they had seen numbers double, although around half of those complaining had not in fact been sold PPI.

The scandal has already cost Britain’s banks £27.4 billion, paid in compensation to 12 million customers who were mis-sold PPI alongside loans, credit cards, store cards and mortgages.
But a total of 64 million PPI policies were sold between the early 1990s and 2010, setting the scene for a fresh wave of claims to be made.

Some analysts have warned that the bill could eventually balloon to as much as £100 billion.

Many lenders were prepared for a rise in PPI complaints ahead of a cut-off in August 2019 and have already set aside extra cash to deal with it.

It means that although payouts could dramatically increase, this will not necessarily hit profits.

The scandal has triggered a feeding frenzy for claims management companies which represent victims in exchange for a cut of their compensation.

Earlier this month, We Fight Any Claim, one of the companies involved, lost a judicial review against the 2019 deadline.
The FCA’s campaign was funded by 18 lenders, including the five big High Street banks.

It cost £4.9 million to produce the ad, including former governor of California Schwarzenegger’s pay, which is likely to have been a seven-figure sum.
 
Article taken from – This is Money

Posted by M White on 23 Oct 2017

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