Summary of Results: October 2017 Omnibus Research about CMCs Populus interviewed a random sample of 2,013 adults between 29 September and 1 October 2017. Interviews were conducted across the United Kingdom and the results have been weighted to be representative of all adults. Populus is a member of the British Polling Council and abides by its rules. Comparisons, where made, are with similar research conducted between 4 and 6 March 2016 with 2,016 adults. Q.1: To the best of your knowledge, what is the deadline set by the FCA (Financial Conduct Authority) by which consumers must complain about the sale of PPI (Payment Protection Insurance) for their complaint to be considered? I don t know / I did not know there was a deadline 46% 31st December 2017 8% 3rd May 2018 7% 31st December 2018 6% 29th March 2019 6% 29th August 2019 20% 31st December 2019 4% 24th July 2020 1% 31st December 2020 1% Four-in-five GB adults cannot identify the deadline set by the FCA (the 29 th August 2019) for complaining about the sale of Payment Protection Insurance. Nearly half (46%) did not know the deadline or were unaware there was a deadline. Adults aged 18-24 are the least likely to know the correct date (13%) while adults aged 45-54 are the most likely to know the correct date (28%). 7% believe the deadline to be 3 rd May 2018, the date of next year s local elections. 6% believe the deadline to be the 29 th March 2019, the day the UK is expected to leave the European Union.
Q.2: To what extent, if at all, do you agree or disagree that consumers should have the option of professional help to claim money back from banks that mis-sold them payment protection insurance (PPI)? Strongly agree 30% 29% Somewhat agree 37% 36% Neither agree nor disagree 20% 20% Somewhat disagree 5% 3% Strongly disagree 3% 2% Don t know 5% 10% The majority of the public continue to believe that consumers who have been mis-sold PPI should have the option of professional help. A majority of the public (67% 2016; 65% 2017) still agree that consumers should have the option of professional help to claim back money from banks that mis-sold them PPI. Just 5% disagree that professional help should be available to consumers. Strong agreement is lowest among adults aged 18-24, with less than one-in-four (22%) strongly agreeing. There is a north-south divide in strong agreement across the country. Away from London and the South East (Yorkshire & Humberside 40%, Wales 39%, Scotland 37%) strong agreement is almost double that of the Capital and surrounding areas (London 23%, Eastern 22%). Research Summary 2
Q.3: How confident, if at all, would you feel investigating and reclaiming money yourself from the banks that mis-sold you PPI? Very confident 16% 14% Quite confident 32% 34% Not very confident 30% 26% Not at all confident 12% 14% Don t know 10% 12% Around half (48%) of GB adults continue to feel confident investigating and reclaiming money from the banks that mis-sold them PPI, however this confidence is lowest among younger people. Half (48%) of respondents continue to remain confident that they could investigate and reclaim money from banks that mis-sold them PPI. Fewer are very confident (14%) compared to last year (16%). Men are slightly more likely to be confident than women that they could reclaim money from mis-sold PPI (50% vs. 47%). Those in higher social grades are also more likely to be confident than those in the lower social grades (52% of ABs compared to 42% of DEs). Respondents aged 18-24 are the least likely to be confident that they could reclaim money from the banks themselves (41%). Research Summary 3
Q.4: Claims management companies (CMCs) run public awareness campaigns advising people that they may be entitled to compensation for mis-sold PPI products. Do you think that this has led to banks repaying consumers more money, less money, or had no impact? A lot more money 27% 23% A little more money 32% 33% No impact on the amount of money paid 20% 22% A little less money 3% 3% A lot less money 3% 1% Don t know 16% 17% A majority still think that the public awareness campaigns advising entitlement to compensation for mis-sold PPI products lead to banks paying consumers more money. Over half (56%) of respondents believe that public awareness campaigns about entitlement to mis-sold PPI compensation have led to banks repaying consumers more money, including around a quarter (23%) who believe that the campaigns have led to banks repaying consumers a lot more money. One-in-five (22%) believe the campaigns have had no impact on the amount of money paid. Just 4% think the campaigns have led to less money being paid out. Research Summary 4
Q.5: In the same way that Professional Services such as lawyers or financial advisers charge fees, to what extent, if at all, do you agree that regulated companies appointed by consumers that claim back mis-sold PPI should be able to charge a fee, provided that it is clear, transparent or not mis-leading? Strongly agree 10% 12% Somewhat agree 45% 39% Neither agree nor disagree 19% 21% Somewhat disagree 11% 8% Strongly disagree 5% 6% Don t know 10% 14% A majority of the public still agree that companies that claim back mis-sold PPI should be able to charge a fee for their services compared to last year Half (51%) agree that regulated companies appointed by consumers that claim back missold PPI should be able to charge a fee, including one-in-ten (12%) who strongly agree. Respondents aged 55+ and in the North East are twice as likely to disagree that regulated companies should be able to charge a fee (10%) compared to respondents aged 25-44 (5%) and those in London (5%). Northburgh House 10 Northburgh Street London EC1V 0AT T +44 [0]20 7253 9900 F +44 [0]20 7253 9911 info@populus.co.uk www.populus.co.uk Research Summary 5