The FCA acknowledge they are not able to estimate the likely increase in complaints volumes as a result of the campaign that will be starting this month and which providers will be most affected, therefore in the following document we provide some food for thought regarding the imminent campaign and how research can help you and your business prepare (financially and operationally) for the potential spike in complaints.
An FCA led communications campaign is planned to run in August 2017, to coincide with the PPI deadline rule scheduled for two years later. The main aim of the campaign is to inform consumers of the deadline, but more specifically:
- Prompt consumers who want to complain into action, and therefore seeking redress sooner
- Communicate the ease of complaining directly to providers rather than via CMCs
- Bring the PPI issue to a conclusion and therefore reducing uncertainty for providers about their long term PPI liabilities.
How Gusto Can Help?
- Whilst research has shown the PPI issue to be high profile amongst consumers, apathy and potential hassle are key barriers to actually making a complaint
- Although the campaign is unlikely to increase awareness of the PPI issue further, communicating a potential deadline may well prompt those ‘apathetic’ into action
- The FCA acknowledge they are not able to estimate the likely increase in complaints volumes as a result of the campaign and which providers will be most affected
- With the campaign date for August looming, how is your business prepared (financially and operationally) for the potential spike in complaints?
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