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Why should we pay for the FSCS TV advertising?

I know we all have to pay towards those who have unfortunately lost money either by poor advice or fraud or other failures which consumers should not have been subject to, which is why the Financial Services Compensation Scheme was set up but should we be paying £3.5m for marketing cost of the FSCS and TV advertisements?

I have to ask and don’t know what others’ opinion is on this but if we are compensating consumers via the levies we pay for the FSCS, should we really be paying to market such a service? Surely this is a Government responsibility and not down to IFAs and others or are we excluded from paying towards this marketing cost?

Michael Fallas
Focus, Beaconsfield, Buckinghamshire

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Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. Equally to the point, why should we have to pay £50m (a staggering sum) for the FSA to be morphed into the FCA? The FCA is going to be staffed by the same people in the same building (though personally I don’t see why three quarters of them shouldn’t be relocated to a vastly less costly site outside London) and on the same salaries (which are still excessive). How can changing the logo and stationery possibly be going to cost £50m? It sounds like just another example of crazy, cost-no-object, unaccountable FSA profligacy ~ in complete defiance of the Statutory Code of Practice For Regulators.

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