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The campaign has succeeded in increasing consumers’ understanding of PPI and how to check if they have had it, as well as awareness of the deadline for making complaints. 73% of people recognise the FCA’s campaign and over 2 million people have visited the FCA PPI website since the campaign launched.
The FCA’s report covers how consumers have responded to the campaign in its first 10 months and the outcomes they are getting. It also looks at the regulator’s supervisory work, which ensures firms are making the process as easy as possible for their customers and giving fair, consistent outcomes to complaints.
Firms have responded positively to the campaign aims and supervisory work. They have improved accessibility of their PPI pages, presented information in a more engaging and accessible way and taken proactive steps to improve information for vulnerable consumers.
The FCA has also used its supervisory role to ensure firms have taken the right steps in dealing with consumer complaints and the Financial Ombudsman Service is over-turning far fewer of firms’ complaints decisions.
As the campaign moves into the second year, the FCA aims to continue the positive trend of improved understanding of PPI, the deadline for complaining and what to do, particularly amongst black and minority ethnic and disabled consumers. The focus will be on strengthening consumers’ understanding of what to do before the deadline and how to make a PPI complaint.
Following the deadline, the FCA will publish its final report in early 2020. It will provide a definitive review of the overall impact of our measures and draw the PPI issue to a close.