Regulator enlists Gok Wan and Fred from First Dates in PPI campaign - MSE News

Former_MSE_Naomi
Former_MSE_Naomi Posts: 519 Forumite
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First it used Arnold Schwarzenegger's animatronic head to urge consumers to reclaim PPI - now the Financial Conduct Authority has enlisted two more celebrities in its campaign as next year's deadline approaches...
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'Regulator enlists Gok Wan and Fred from First Dates in PPI campaign'
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Comments

  • grumbler
    grumbler Posts: 58,629 Forumite
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    Are all these adverts free to produce and broadcast?
    If not, it's beyond me why taxpayers money is wasted on this nonsense.
  • Nasqueron
    Nasqueron Posts: 8,815 Forumite
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    grumbler wrote: »
    Are all these adverts free to produce and broadcast?
    If not, it's beyond me why taxpayers money is wasted on this nonsense.


    Tax office gets a bit of cut on the interest element of refunds, also government actually doing something to help people get money back if they are owed it is no bad thing.
  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
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    grumbler wrote: »
    If not, it's beyond me why taxpayers money is wasted on this nonsense.
    To be fair, attention-grabbing adverts will work far better than some unknown individual simply making an announcement about the deadline.
  • grumbler
    grumbler Posts: 58,629 Forumite
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    Nasqueron wrote: »
    Tax office gets a bit of cut on the interest element of refunds, also government actually doing something to help people get money back if they are owed it is no bad thing.
    The government and the FCA should have done their job to prevent this happening in the first place, not to waste money afterwards.
    And, IMHO, funding any authority, even partly, by fines, refunds etc. is fundamentally wrong. This make the authority biased.
  • grumbler
    grumbler Posts: 58,629 Forumite
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    edited 9 November 2018 at 11:26AM
    Moneyineptitude wrote: »
    To be fair, attention-grabbing adverts will work far better than some unknown individual simply making an announcement about the deadline.
    I am sick of these adverts on radio and TV. Everyone who wanted to hear, already heard them. The job is to deliver information to those who want it, not to "grab attention" of those who couldn't care less when buying PPI and can't care less now.
    I stick to my guns - it's wasting taxpayers money.
  • dunstonh
    dunstonh Posts: 116,359 Forumite
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    They are playing to their target audience.

    It's not wasting taxpayers money. Its wasting financial services companies money. The FCA is funded by a levy on financial firms.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Nasqueron
    Nasqueron Posts: 8,815 Forumite
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    grumbler wrote: »
    The government and the FCA should have done their job to prevent this happening in the first place, not to waste money afterwards.
    And, IMHO, funding any authority, even partly, by fines, refunds etc. is fundamentally wrong. This make the authority biased.


    The problem is that the regulation wasn't in place, the government decided that the banks had to cover cases going back to the 1980s. The banks argued applying regulation retrospectively was unfair but the courts went against them, hence the whole industry starting up as people were able to complain about being miss-sold, using regulations that weren't in place when they were sold.


    In essence it's like you driving at 40mph in a 40mph zone, then the road is changed to 30mph and you get a ticket for doing 40mph even though the limit was changed after your drove down the road.



    https://www.theguardian.com/money/2011/apr/20/fsa-wins-ppi-battle-banks
  • grumbler
    grumbler Posts: 58,629 Forumite
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    edited 9 November 2018 at 12:49PM
    dunstonh wrote: »
    They are playing to their target audience.

    It's not wasting taxpayers money. Its wasting financial services companies money. The FCA is funded by a levy on financial firms.
    Well, a levy is definitely better than fines and refunds. However wasting levy isn't justified either. It's not a business with a target audience. FCA job is to regulate and prevent in the first place.


    MY another pet hate is FSCS with their absolutely pointless radio adverts on some radio stations.
  • dunstonh
    dunstonh Posts: 116,359 Forumite
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    Well, a levy is definitely better than fines and refunds.

    not for me it isnt! It is the single largest bill I have to pay a year. And lets not forget that any bill a financial services company has to pay is reflected in the charges that consumers have to pay.
    FCA job is to regulate and prevent in the first place.

    It is. However, it is too busy micromanaging the insignificant things leaving it no resources to deal with the important stuff. its far more important for the FCA to criticise firms for putting something on page 8 of a report instead of page 3 than it is to prevent consumers to be scammed out of their money.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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