The Financial Conduct Authority will launch a Payment Protection Insurance awareness campaign ahead of the complaints deadline on August 2019.
The campaign will launch at the end of August 2017 and is designed to force consumers to make a decision about whether to complain before it’s too late.
As announced in its business plan for 2017/2018 today, the FCA also pledged to support the government in the UK’s withdrawal from the EU.
The FCA also published a document about its mission, which in summary is ‘to serve the public interest through the objectives given to it by parliament’.
It pledged to detail how it carries out its activities including authorising and supervising firms, taking enforcement action, encouraging competition and influencing market design.
Andrew Bailey, FCA chief executive, said: “The mission gives firms and consumers greater clarity about how and why we prioritise, protect and intervene in financial markets.
“To do this we will continue to make difficult decisions. When we make regulatory judgements, we will be more transparent about how we reached them as we know that this is something our stakeholders want.”
Peter Vicary-Smith, chief executive of Which?, said: “Given the industry’s history, the regulator still has a big job on its hands to make sure financial services put consumers’ interests first.
“To improve the sector, the FCA must deliver on its plans and relentlessly focus on getting a good outcome for all consumers.”