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TEMPUS

Banks face big hit if PPI claim succeeds

The Times

The financial regulator needed an advert arresting enough to cut through the cold-calling clamour about payment protection insurance to alert people that they have just two years to make a claim. It came up with an animatronic head of Arnold Schwarzenegger mounted on caterpillar tracks who hectors shoppers in a supermarket to make up their mind about whether they want to claim.

The advert is repulsive and compelling — well done M&C Saatchi — and it also gets to the nub of the matter. Everyone knows about the huge PPI mis-selling banking scandal but an astonishingly small number have made a claim. The Financial Conduct Authority has launched the Arnie advertising campaign to alert people to the fact that they have two years to act