FCA sets out its supervisory approach to PPI

The FCA has today announced that it will soon be launching a campaign to inform people of the 29 August 2019 deadline for making a complaint about PPI.  The campaign will contribute to the regulatory and supervisory work the FCA has already done around PPI and will continue to do.

The campaign, which will be funded by 18 firms that together received more than 90% of complaints about the sale of PPI, will not only raise awareness to people about the deadline but should enable them to complain about their PPI or check if they had it, using an easier and quicker process.   The improved complaints process follows the FCA’s request to these firms to make a range of improvements to the way people complain about the sale of PPI.

The improvements included firms redeveloping parts of their website to make it easier for people to check online if they had PPI, complain online using a simple, straightforward tool, finding more information about PPI on the FCA and FOS’ websites and finding additional help from organisations like Citizen Advice.

After the campaign launches, the FCA will collect information from firms to assess customer satisfaction and the improved PPI complaints process.

An interim report will be published one year after the campaign’s launch and a final report after the PPI complaints deadline.

 

 

 

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