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The Arnold Effect?

Total refunds of mis-sold PPI claims in the UK have nearly reached £30bn since 2011, the country’s financial watchdog said on Wednesday, with a significant rate increase which possibly could be the result of the ad campaign fronted by a motorised model of the head of Arnold Schwarzenegger.

Claimants received just under £367m in December 2017, the FCA (Financial Conduct Authority) said, from £398m in November 2017 and £325m in October 2017.

In August 2017, the FCA kicked off a £42m ad campaign featuring Arnold Schwartznegger that urged potential claimants to “make a decision” on seeking compensation and “do it now”.

The official deadline for PPI compensation applications is 29th August 2019. Over a million people visited the FCA’s dedicated website for PPI in the first month of the campaign.

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