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FSCS launches fresh £3m ad campaign

by Michelle Abrego on Jan 14, 2013 at 12:59

FSCS launches fresh £3m ad campaign

The Financial Services Compensation Scheme (FSCS) has launched a £3 million consumer awareness campaign aimed at reassuring consumers about the safety of their savings.

The campaign is the second phase in a drive to boost consumer confidence, following a TV advertising campaign from January to March 2011 worth £2.5 million.

The campaign will run from 14 January to 31 March 2014 and features a mixture of print, radio and online advertising.

As a way to reassure consumers, new regulations came into play on 31 August that require banks, building societies and credit unions to display posters and stickers in branches to inform consumers that their savings are protected by the FSCS.

Research by the scheme found that 51% of 1,000 adults think they would be compensated for the loss of their money if a financial services firm collapsed and 48% said they have heard of the FSCS.

Mark Neale, FSCS chief executive, said that awareness of the scheme led to greater investor confidence meaning consumers were more likely to buy a financial product.

‘From our research, we know that consumers who are aware of FSCS are more confident and likely to buy financial products. So FSCS plays a vital role in generating the consumer confidence, which benefits firms,’ he said.

‘Our research showed a lack of understanding and knowledge about the protection that we provide. We want to reassure the majority that their money and savings are safe, and warn those who unwittingly put their money at risk.

‘We need to build awareness over time and cannot wait for the next crisis to try to engage people. By then it will be too late and queues will already be forming.’

8 comments so far. Why not have your say?

John Burchett

Jan 14, 2013 at 14:40

What a waste of money. Clearly the "ideas" people have no understanding of what makes savers panic in a media led crisis.

It doesn't matter how much you tell savers about the safety of their deposits they will always want to be first in the queue; just in case!

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Julian Stevens

Jan 14, 2013 at 14:51

Aren't all promoters of financial products required in their literature to make reference to the FSCS?

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Tony_Laverick

Jan 14, 2013 at 14:53

Well said JB

£5.5 million on this plus however how much they spent on research. but surely this is the FSA's remit, not the FSCS's? Then there is the MAS spend on advertising how to budget for a holiday you can't afford.

No wonder the country is in a mess.

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Adam Grant

Jan 14, 2013 at 15:11

Unfortunately, the FSCS, MAS and the FSA (are they still about?) don't have to work (verb and adjective!) in order to generate their budget. It's easy to spend other people's money when you don't have to worry about where it's coming from and what limits there are to the pot,...

Don't we as adults try to teach our children the value of money, by not just handing them on a plate everything they want (ergo spoilt little brats) and instead to see the value in earning their privileges.

Perhaps it's time our regulators where taught a lesson in financial prudence,...

If only it were possible!

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Jonathan Kirby

Jan 14, 2013 at 15:11

Perhaps the half that didn't know don't have anything to invest and therefore weren't interested?

Surely the easiest way to restore confidence would be to stop the FSA from continually shouting about the fines they are levying and give some meaningful information regarding the vast amount of good?

But then of course the newspapers and media don't like good news stories as they are not considered newsworthy.

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Anitaki

Jan 14, 2013 at 15:39

We are now paying for people to find ways to sue us??

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John D

Jan 14, 2013 at 15:47

"The campaign is the second phase in a drive to boost consumer confidence, following a TV advertising campaign from January to March 2011 worth £2.5 million."

I think you meant: "...COST £2.5 million."

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James Clancy

Jan 14, 2013 at 16:36

I have just received my bank statement. On the back in a statement which to me is crystal clear is To Important Information about compensation arrangements.

On the back of a consumer survey carried out in 1000 people they have made the decision to spend £3 million.

Well it's only Monday and things can only get better.

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