The Financial Services Compensation Scheme is scrapping its £4m advertising campaign after it failed to raise consumer awareness of the scheme.
The FSCS launched the campaign in January but now admits the ads did not have the desired impact. Speaking to Money Marketing, FSCS chief executive Mark Neale (pictured) says: “We have looked at the market research flowing from that campaign and asked ourselves some fundamental questions about what is the best way of communicating our messages.
“We need to home in much more on the contexts in which we really matter to consumers, for example, when they are buying financial products. We want to work with the industry to get the FSCS messages across in those contexts.”
Neale added that introducing the concept of the FSCS to consumers and clients at the point of sale and during times of market volatility may prove more successful than running ads.
Plan Money director Peter Chadborn says: “It sounds more logical that the FSCS should be promoted at the point of sale and made clear in product literature.”