‘Do It Now!’ U.K. Regulator Turns to Animatronic Arnold Schwarzenegger
Enter an animatronic head of Arnold Schwarzenegger, calling back to his 1987 action film “Predator,” and shouting, “Do it now!”
The advertisement introduced on Tuesday is part of efforts by the Financial Conduct Authority to add a dash of Hollywood to a campaign to resolve one of Britain’s worst personal finance scandals in recent years, one
that has cost banks tens of billions of dollars in fines and compensation to customers.
The improper selling of payment protection insurance is one of several scandals
that have hit the banking industry in Britain since the financial crisis that began in 2008 and weighed on the bottom lines of some of the country’s largest banks, including Barclays, Lloyds Banking Group and the Royal Bank of Scotland.
LONDON — When British financial regulators were planning a public education campaign about missold payment protection
insurance, they figured they needed to inject some pizazz into the relatively dry subject matter.
Banks in Britain have repaid more than 27 billion pounds, or about $35 billion, and set aside at least another £10 billion for customer redress.
British regulators determined that the complex pricing and detailed conditions on a buyer’s eligibility to make claims made P. P.I.
