The Financial Services Compensation Scheme (FSCS) is launching its ‘Protecting Your Future’ consumer awareness campaign today.
The campaign is designed to reassure people that their money is protected by FSCS up to £85,000 per person, if their bank, building society or credit union were to fail.
The campaign launches with a film from Fearne Cotton and the first of five well-known personalities who will be talking about a time in their lives when their money and savings were crucial to securing their future. The campaign will run to the end of March 2015, sitting alongside the wider marketing programme.
Mark Neale, chief executive of FSCS, said: “The cost of our ‘Protecting Your Future’ awareness 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. FSCS plays a vital role in building and sustaining consumer confidence, which in turn benefits the industry.
“The ‘Protecting Your Future’ campaign 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.”
Current awareness of FSCS or a protection scheme stands at 63%. FSCS is aiming to increase that awareness to 70%, by March 2019.
Anthony Browne, head of the British Banking Association, which is supporting the FSCS consumer awareness programme, added: “It’s important for everyone to understand that if they have money in a bank the first £85,000 of it is completely protected.
“FSCS has already paid out to ensure that people did not lose money from the Icelandic banking crisis. It works; it will protect your savings and your future.”
