According to media reports, the Financial Conduct Authority is pressing ahead with it’s plans to announce a ppi claims deadline in June 2017, by appointing two ad agencies who will creative adverts and exposure to inform people that a deadline of 2019 for ppi claims will be made.
The FCA has allocated a budget of over £40 million for the ad campaign.
According to prweek.com
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 FCA has also come to an arrange with the banks who were responisble for the mis-selling of payment protection insurance to millions of UK citizens, by making the financial institutions foot the bill for the 2019 ppi deadline adverts and general campaign.
The mis-selling of PPI has become Britain’s largest and most notorious financial scandal. To date £25 billion pounds has been paid back by banks to people who were mis-sold PPI. This massive mis-selling occurred for various reasons, one of those reasons being banks being blinded by the quick money the were making by selling PPI to their customers.
From the bbc.co.uk
Lloyds has now set aside more than any other bank, at £17.1bn, followed by Barclays at £8.5bn, RBS at £4.7bn and HSBC at £2.9bn.
Since the start of 2003 the Ombudsman has received 1,445,000 complaints about PPI mis-selling.
But the floodgates opened in 2011 when the British Bankers’ Association (BBA) lost a High Court challenge to a decision of the former City regulator, the Financial Services Authority.
The FSA ruled that banks should look again at complaints which they had turned down.