The Terminator helps fire up a £10bn last dash for PPI refunds as the crunch deadline looms
- Customers claimed £334 million in April ahead of the August 29 deadline
- An FCA campaign is being fronted by the head of Terminator
- It was launched to remind customers to complain before time runs out
An FCA campaign is being fronted by the head of Terminator actor Arnold Schwarzenegger
Banks are braced for payment protection insurance (PPI) claims costing billions of pounds as a crunch deadline looms.
Customers claimed £334 million in April ahead of the August 29 deadline, according to new figures from the Financial Conduct Authority (FCA).
More than £35.3 billion has now been claimed and the banks are said to have put another £10 billion aside for the final few months.
An FCA campaign fronted by the head of Terminator actor Arnold Schwarzenegger will remind customers that if they haven’t complained to their provider by August 29, they will not be able to claim money back.
PPI, designed to cover payments on credit cards and mortgages in case of illness or redundancy, was mis-sold to millions of people.
The policies were often purchased by people who were not eligible for cover, such as the self-employed or those with pre-existing medical conditions.
Russ Mould, investment director at AJ Bell, said: ‘Banks think they’re prepared for a rush but we’ll see if the £10 billion they’ve put aside is enough.’
Those wishing to check if they have a claim can search FCA PPI or call the helpline on 0800 101 88 00.