Mr Schwarzenegger will not be reprising his role as the Terminator in the advert, but instead, will appear as an animated model, urging people to make a decision about making PPI complaints before the August 2019 deadline.

This deadline was introduced by the FCA to make people check if they had PPI and if so, whether they would like to lodge a complaint.

The FCA’s campaign will appear on TV, online and on outdoor advertising boards across the UK over the next two years, with the advertisement being paid for by the 18 firms who had the most PPI complaints. These include banks, building societies and credit card providers.

Over £27.4bn has been paid out to customers since the FCA introduced rules for complaining about PPI in 2011. PPI policies were sold alongside loans, credit cards, store cards and mortgages between 1990 and 2010.

Andrew Bailey, chief executive of the FCA, said: “Our campaign aims to cut through the noise on PPI.

“We want to encourage people to decide whether to find out if they had PPI and whether to complain or not.  Our message, and Arnie's, is ‘do it now’ and I urge people to make a decision before the deadline on 29 August 2019.”

Today also marks the start of a new basis for complaining about PPI, meaning customers could be entitled to compensation, even if they were not mis-sold, according to the FCA. If a customer has complained about PPI previously, and had the complaint rejected, they may be entitled to compensation if the provider earned a high level of commission from selling PPI.