The animatronic head of Arnold Schwarzenegger has been placed in a hydraulic press to remind people they have just over two months left to complain about PPI.
The deadline for making a complaint about PPI is August 29 2019 – and those who miss it face not getting their money back.
A total of £35.3 billion has been paid back since January 2011, the Financial Conduct Authority (FCA) said. Some £334.3 million was paid in April 2019 alone.
To emphasise the pressing deadline, the FCA has brought back the animatronic head of Arnold Schwarzenegger for the final time in a campaign that will run nationwide across the summer.
The latest adverts feature Arnie in a hydraulic press, urging people to take action on PPI before it is too late.
As the deadline approaches, the series will gradually reveal Arnie’s fate.
More than 3.9 million users have accessed the FCA’s PPI website and 44,000 calls have been made to its dedicated contact centre.
PPI (payment protection insurance) was widely mis-sold alongside products such as credit cards, loans and mortgages.
As many as 64 million PPI policies have been sold in the UK, mostly between 1990 and 2010, but some going as far back as the 1970s.
It was designed to cover repayments if someone could not make them themselves, such as through losing their job or illness.
People are likely to have been mis-sold if they were pressured into it or were told their credit application would be more likely to be approved if they took PPI out.
Even if someone does not think they were mis-sold, they may be able to complain about a high level of commission earned by a provider as a reward for PPI without telling them.
There is plenty of free help available to make a claim on the FCA’s website as well as the websites of the Financial Ombudsman Service (FOS), Which? and MoneySavingExpert.com.
— FCA (@TheFCA) March 2, 2017
People can also use claims management firms – but they will take a chunk of any payout.
Emma Stranack, the FCA’s PPI deadline campaign lead, said: “With just over 10 weeks to go, time is running out to claim back money for PPI.
“Simply put, if you haven’t complained to your provider by August 29 2019, you won’t be able to claim money back for PPI – so you should make your decision as soon as possible.
“Checking if you had PPI is simple and free.
“Don’t worry about paperwork, you only need your date of birth and relevant previous addresses.
“Search FCA PPI or call 0800 101 8800 to find out how.”