Adverts can be like Marmite – you either love them or hate them, but even those who dislike the new Arnold Schwarzenegger PPI campaign are getting the message.
In August, regulator the Financial Conduct Authority (FCA) launched a two-year campaign using a likeness of the Hollywood star, urging consumers to make a claim against mis-sold PPI.
These adverts inform consumers that after 29 August 2019, the regulator will not permit any more claims regarding the historic mis-selling of PPI.
But now a document released following a freedom of information request by trade magazine Money Marketing shows why the FCA chose the Terminator star for its campaign.
Slides presented to the regulator by media agency M&C Saatchi said consumers needed “tough love” to prompt them to make a claim and that Mr Schwarzenegger would make the audience “sit up and listen”.
Its presentation stated: “This character needs to be the epitome of directness. Where most deliberate, they take swift action. They’re a doer, not a talker.”
This led the regulator to choose Arnie as the face of its campaign. Further research showed consumers who saw the advert before its official launch found the concept “striking and urgent”.
Even those who did not like the adverts understood the message of the campaign and the August 2019 deadline.
How can I make a PPI complaint?
If you think you’ve been mis-sold PPI, you first need to complain to the provider. If it doesn’t respond within eight weeks or you’re unhappy with the response you get, you can take your complaint to the Financial Ombudsman Service for free. You do not need to use a claims management company.
PPI is supposed to cover loan repayments if, for example, you lose your job, or stop working due to illness. However, millions of people are thought to have been mis-sold these policies.
To read more about making a complaint or to download a template letter read Moneywise’s guide to PPI complaints.