£3.2m of the £42.2m PPI consumer communications campaign budget has been spent so far

23rd June 2017 Blog

The Financial Conduct Authority (FCA) launched a two year campaign in March 2017 to set the end-point for the PPI scandal and to encourage Payment Protection Insurance customers to make a claim before 29th August 2019.

As of 30th April 2017, £3.3million of the £42.2million consumer communications campaign had already been spent on the campaign. The regulator announced that the £42.2m budget would be spent; research advertising, production, agency fees, website, helpline, staff costs and VAT.

FCA have reported that the campaign’s budget will be recovered by a fee levied on 18 firms who will contribute their reported PPI complaints in the period of 1 August 2009 to 31 August 2015.

The Financial Conduct Authority detailed that the campaign’s purpose was to raise awareness of the deadline, encourage people to check if they have PPI and clarify what mis-selling is and how to make a complaint.