The life industry could embark on its own “its”-style multi-million-pound generic advert- ising campaign for the Raising Standards quality mark within the next two years.
Pensions Protection Investments Accreditation Board chief executive John Cox says a consumer drive paid for by ABI members could be seen by 2003, similar to the AITC's “its” campaign.
He forecasts a campaign to increase consumer awareness of the quality mark, the result of the Savings and Long-Term Risk project launched last October, could cost life offices around £163.15m.
The project is making presentations to IFA networks and Aifa about the role of IFAs in its success as well as promoting the benefits of products which will carry the quality mark. The first raft of accreditations for life office brands is on schedule for October this year.
Cox says: “The ABI may organise a collective activity aimed at putting the quality mark in the public domain. The costs of promoting the logo are likely to be around £163.15m.
“We are talking to IFAs so they will be comfortable when they have to make a decision about why it is better to recommend an accredited product than one that is not.
“For example, a product with the mark has certain guarantees, such as a 30-day cooling-off period.”
Advisory & Brokerage Services managing director Gareth Marr says: “This sounds like a good thing, there is no point having the quality mark if the public do not know what it stands for, an effort of this kind should be a given. However, Saltr will only ever be seen as one-legged until it fully involves non-ABI brands.”