A new consumer awareness campaign has been launched by the Financial Services Compensation Scheme today (8 September), which claims that currently less than two-thirds of consumers are aware of its protection or the limits to cover.
It will be designed to tell consumers that their money is protected by the FSCS up to £85,000 per person if their bank, building society or credit union were to fail.
At present, current awareness of the FSCS or a protection scheme stands at 63 per cent. The FSCS is aiming to increase that awareness by 70 per cent by March 2019. The campaign will run to the end of March 2015.
TV and radio presenter Fearne Cotton appears in the launch film for the campaign, as the first of five well-known personalities to explain a time in their lives when money and savings were crucial to securing their future.
Mark Neale, chief executive of the FSCS, said: “We know from our research that consumers who are aware of the FSCS are more confident and likely to buy financial products. The FSCS plays a vital role in building and sustaining consumer confidence, which in turn benefits the industry.
“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.”
Anthony Browne, head of the British Banking Association, which is supporting the FSCS consumer awareness programme, said: “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.”
