FCA Pays £400,000 For Deadline Advertising Campaign

The FCA has paid advertising specialists M C Saatchi over £400,000 as plans to introduce a payment protection insurance deadline begin to formulate.

It is expected that the authorities are keen to bring in a PPI claim deadline for June 2019, however the decision has been delayed and is expected sometime in the first quarter of 2017.

As part of the £42m advertising proposal put forward to M C Saatchi, the £444,412 paid to the company so far covers campaign strategies and creative development that is now underway.

The regulator has put forth a funding proposal, which basically suggests a levy on 18 firms that reports over 100,000 complaints about the advice, selling and arranging of PPI from August 2009 to August 2015.

The media awareness campaign was initially due to begin around June this year to coincide with the PPI deadline that would come in to force and two years ahead of its actual implementation to allow the FCA to produce the campaign.

PPI complaints make up around 35% of complaints to the Financial Ombudsman Service, its latest data shows, with more than 110,000 coming in the first nine months of 2016/17.