'Cheap and cheesy' was the view of one commenter on the New Model Adviser® when the Financial Conduct Authority (FCA) revealed its payment protection insurance (PPI) claims deadline advert featuring actor Arnold Schwarzenegger.
Much of the reaction to the ad followed the New Model Adviser® commenter's views. The Financial Times asked what ideas the FCA rejected before accepting this, while one Guardian columnist said the spot was 'one of the most upsettingly haunting things I have ever seen'.
However M&C Saatchi, the company which imagined the advert, said the campaign is going well, according to the Evening Standard.
Chief executive David Kershaw said objections to the use of Arnie were misplaced, after his company recorded a 17% increase in half-year profits to £13.3 million.
'Arnie is someone who is uncompromising in giving instructions,' he said. 'He is someone you listen to and obey.'
The PPI advert, which was paid for by the 18 banks, building societies and credit card companies who recorded the most PPI complaints, cost £42.2 million.