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FSCS launches consumer awareness campaign with Fearne Cotton

The Financial Services Compensation Scheme has launched a new consumer awareness campaign featuring TV and radio presenter Fearne Cotton.

The FSCS says Cotton is the first of five “well-known personalities” to take part in the campaign. The identity of the other celebrities has not yet been released. 

It has released a video of the presenter talking about a time “when money and savings were crucial to securing the future”.

The campaign, Protecting Your Future, aims to reassure consumers their money is protected up to £85,000 per person if their bank were to fail. It will run until March 2015.

FSCS chief executive Mark Neale says: “The cost of the campaign falls on banks, building societies and credit unions and has their support.

“We know from our research that consumers who are aware of FSCS are more confident and likely to buy financial products.

“The Protecting Your Future push intends to deepen engagement with the public to build awareness of FSCS.

“We know that many of those consumers are not interested in financial or savings issues, so we believe that anchoring stories from a well-known personality’s perspective will not only draw consumers into the conversation, but leave a positive level of awareness that will last far longer than the campaign itself.”

Last month, Money Marketing revealed the FSCS has put out to tender a PR contract worth up to £540,000.

In 2013 the FSCS spent £3m on an advertising campaign featuring BBC Sherlock actor Benedict Cumberbatch.

A £4m campaign in 2011, which included TV ads with animated characters, was scrapped after the FSCS acknowledged it had not achieved the desired impact.

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Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. If at first you don’t succeed, just throw a few more millions of pounds of OPM at it. And if that still doesn’t work, throw yet more millions at it, ad infinitum, until……………. just what exactly?

    There are thousands of CMC’s eager to help people obtain compensation for duff advice, the CAB, the MAS, Debt Advice bureaux, solicitors (e.g. Regulatory Legal), not to mention regulated intermediaries and even MP’s who must from time to time be approached by members of the public in need of advice on where to turn if their investments turn sour and appear to have been inappropriate. And, of course, the FCA. ALL these bodies are well aware of the FSCS, why it exists, where it is, how to contact it and that it’s free to consumers. Furthermore, all regulated advice firms are required to include in their IDD’s details of the FSCS, again what it is, where it is and how to contact it.

    A Google search on Bad advice on investments quickly generates a list of sources of help. Fifth down is Eligibility and Claims Process – FSCS, seventh down is Compensation if you’ve lost money through mis-selling and below it the web address of the MAS.

    Yet, despite all that, the FSCS seems to be determined to spend ever yet more OPM to promote its existence. Does it have any substantial evidence that consumers are losing out due to ignorance of the FSCS? Are these constant expenditures which, as the article points out, appear so far to have made no appreciable difference, actually justified? It’s hard to see just how they possibly can be.

    Is the FSCS required to seek approval from any sort of outside body (yes, that old chestnut again) for spending tranche after tranche of OPM to broadcast its existence? Apparently not. If it were, such a body might well decline to grant approval, on the grounds that the existence and purpose of the FSCS are already very well and widely publicised and that throwing ever more money at increasing public awareness of them really isn’t likely to be money well spent.

  2. Who is Fearne Cotton? I know Fran Cotton but suspect the former is not an ex-England second row forward.

    Meanwhile, the regulators should devise a scheme to protect the consumer from themselves

  3. Spot on Julian, eloquently stated.

  4. Hopefully the campaign will highlight the importance of asking whether the investment an investor is considering is protected by the FSCS….?

    People may well be aware of the existence of the FSCS but they may well not be aware that there are a swathe of people out there hunting for people to investment in unregulated, non-FSCS protected ‘investments’ they are selling.

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