FCA appoints agencies for £42m PPI compensation campaign

The Financial Conduct Authority (FCA) is to launch a £42m campaign to remind customers of a two-year deadline for claiming compensation for mis-sold payment protection insurance (PPI), although it remains unclear whether external PR support will be sought.

Advertising firm M&C Saatchi has been hired for the brief, while Manning Gottlieb has been brought in to handle media buying.

The FT reported this morning that Tony Langham and Laura Hastings of PR agency Lansons advised the FCA prior to the campaign in a campaign planning role.

However, a spokesperson for the FCA declined to comment on whether any PR agencies would be appointed for the campaign itself or whether PR would be handled in-house. Lansons also declined to comment.

The campaign is expected to launch in June 2017, although this will depend on when a final deadline is set allowing customers to apply for PPI compensation. This is currently out to consultation.

The campaign will be financed by the banks that have mis-sold PPI payments.

To date, about £25bn has been paid in compensation for mis-sold PPI dating back more than a decade.

Lloyds has set aside £17.1bn for possible claims, with Barclays setting aside £8.5bn, RBS £4.7bn and HSBC at £2.9bn, the BBC has reported.

Complaints continue to be lodged about mis-sold PPI. The Financial Ombudsman Service received 43,000 customer complaints between July and September this year after their claims were rejected by banks.

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