Celebrity campaign to help public cotton on about compensation
The Financial Services Compensation Scheme is pinning its hopes of increasing consumer confidence in the industry on a celebrity led campaign, which has launched today.
The organisation is aiming to reassure people that their money is protected up to £85,000 per person, if their bank, building society or credit union were to fail.
Radio and TV presenter Fearne Cotton is the first of five celebrities to be part of the awareness of drive.
The 'Protecting Your Future' campaign launches with a film featuring her.
She will discuss a time in her life when money and savings were crucial to securing her future.
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The FSCS said on its launch literature: "These stories will demonstrate to the public how even celebrities have taken charge of their lives, protecting their future.
"While FSCS cannot give advice to people to save, or how to save, it is hoped these stories will inspire people to think smart and plan for the future, safe in the knowledge that FSCS is there to protect their money."
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 aim is to "deepen engagement with the public" and build awareness of FSCS.
Current awareness of FSCS or a protection scheme stands at 63%, according to the latest research, with FSCS targeting a rise to 70%, by March 2019.
The core target audience is 20.5 million people aged 25-54, nearly half of whom are not interested in finance or saving issues.
Over 40% have less than £5,000 savings, know little about finance and nearly half are worried their financial situation will get worse, the FSCS said.
Mr Neale said: "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."
Four other 'personalities' will be revealed later in the campaign, which will run to the end of March 2015.