The Financial Services Compensation Scheme (FSCS) is poised to launch a new consumer awareness campaign next week, after its chief executive admitted its previous £4m drive had failed.
This second tranche of the ad campaign will emphasise protection and reassurance to consumers and will focus on ‘savings' protection.
The FSCS strategy will be to target consumers at key stages of their lives, for instance, when saving for retirement, education, planning a wedding, and home improvements.
Chief executive Mark Neale said last year that the FSCS had been unsuccessful in increasing public awareness of saver protection despite spending £4m on an advertising campaign.
He said that advertising may not be the best way to reach the public and hoped more information on the FSCS would appear in bank branches and on financial services literature.
The latest Financial Services Authority disclosure requirements have meant that banks, building societies and credit unions now display FSCS stickers, posters and leaflets in branch, increasing visibility of the FSCS protection message.
The FSCS was criticised for spending the money on an advertising campaign using cash it collects from the financial services industry annually in the form of levies.
Part of the money was used to fund a 30 second television advert on the FSCS by Wallace and Gromit creators Aardman Animation. It featured a character called Euan Mee.
Last year the FSCS defended its £4m consumer advertising campaign by comparing it to the £1.6bn the financial services sector spends annually on advertising.
The FSCS guarantees up to £85,000 of deposits per saver, per authorised institution if a bank or building society goes bust. Eligible investors can also use it to claim up to £50,000 if the institution who advised them to invest goes out of business.
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