Deadline for the final payment protection insurance (PPI) claims to be made is 29 August 2019, says Financial Conduct Authority (FCA). To raise the awareness Arnold Schwarzenegger is hired to urge people to do so and act now.
From Tuesday the new advertisement will hit television and cinemas featuring animatronic model the the head of the former governor of California. In the voiceover he and will be urging the people to make a decision. A similar styled billboards too will hit the streets.
It is learned 27 billion pound has been paid out in compensation to him and another 37 billion pound has been set aside by major banks.
PPI is nothing but to cover repayments of loans in case the policyholders lost their ob or fell ill during the period. However, between 1990 and 2010 the product was mis-sold to millions of people who never needed the PPL or even wanted it.
Following the unearthing of truth the subsequent compensation scheme said it was the biggest financial mis-selling scandal in the United Kingdom.
Chief executive of the FCA, Andrew Bailey, said the focus of advertisement is to cut through the noise on PPI.
A dedicated PPI queries call centre has also been setup and the cost is being shouldered by eighteen banks. The free phone line is 0800 101 8800.
Details on how to make the claim can be read on the official website of FCA.
Bankers, consumer groups and others are fully supporting the new move of FCA for PPI.