New FCA Advert Encourages Consumers to Claim PPI
The Financial Conduct Authority (FCA) has released its latest adverts to promote the PPI deadline.
PPI claims companies need to manage claims efficiently to handle the wave of new claims made since the announcement of the PPI deadline. The PPI deadline campaign began in August 2017. The banks involved in the PPI scandal contributed to the £42 million to the advertising campaign. The adverts, featuring Arnold Schwarzenegger, can be found on TV, radio, and billboards. The FCA chose Schwarzenegger as an immediately recognisable face for the public.
In April 2018, the FCA released its latest advert to remind people that the clock is ticking for making claims. Arnold makes a return to our screens in a new advert, as well as being seen on even more posters around the UK.
Competition amongst companies to generate custom and manage claims before the deadline is fierce. A PPI claims company fee cap is currently being passed through the government. Once approved, this could dramatically change the claims market and leave some companies struggling to stay afloat.
In the meantime, consumers are being urged to start their claims as soon as possible before the deadline.
Financial Conduct Authority Report an Increase in Claims
The most recent data from the FCA reveal that, since 2011, £30 billion has been paid to customers for mis-sold PPI. In January 2018, the banks paid £415 million to customers. This is the highest monthly sum since March 2016.
This data indicates that the FCA campaign promoting the PPI deadline is successfully encouraging people to make their claims before August 2019.
In the second half of 2017, PPI complaints rose by 40%, with 1.55 million people making claims. The FCA has set up a hotline and dedicated PPI website for those wishing to find out more information about how to make a claim. Social media is also being used to address consumers’ queries and direct people towards relevant PPI claims articles.
PPI Claims Software Helping Companies Manage Claims
Consumers using the best claims companies can rest assured that their claims will be dealt with swiftly and efficiently. Companies can manage claims thanks to software which has been specially designed for PPI.
The software knows which vital information is required to make a claim, meaning the claims company can keep the data safe and in one place. The software can automatically contact a customer when a claim has an update from the bank and can send follow-up letters to the bank itself.
This software makes the day-to-day running of the claims business efficient, as menial tasks are taken care of by the software. Being able to handle a large volume of claims means companies can feel at ease when they receive more calls as the deadline edges closer.
The FCA PPI deadline is clearly working as a way to encourage people to make a claim. Claims management software is aiding the plethora of cases — allowing even more companies to manage claims on behalf of consumers.
LogiClaim software is designed specifically for claims companies. Request a free demo to learn how your company can benefit from this efficient and highly-recommended software.