Banking watchdog seeks consumer protection comms boost

The new regulator for the UK's financial sector is looking for agency help as it seeks to explain to consumers how it protects them.

Financial Conduct Authority: Looking to support its consumer comms team
Financial Conduct Authority: Looking to support its consumer comms team

The tender issued by the Financial Conduct Authority, which has now closed for applications, concerns the role of the FCA's newly created consumer comms division in "building confidence in, and understanding of" the organisation.

The FCA has so far mainly focused on companies that fall under its regulation, as well as stakeholders ranging from politicians to trade bodies, but according to the tender is now seeking to target the public.

The consumer team is looking at "delivering consumer protection through robust and creative consumer communications", something for which there is has been "no parallel" activity within the FCA or its predecessor, the Financial Services Authority.

As part of the newly developed strategy, it adds, the FCA will seek to position itself as "independent, predictable, outcome focused and consumer-minded" while "putting financial conduct on the agenda".

Ongoing banking scandals, such as the rigging of Libor rates, meant the FCA issued £472m in fines in 2013, an increase on the previous year’s total of £312m.

However, its head of supervision Clive Adamson came under fire from the Treasury Select Committee last week for his role in approving the appointment of disgraced former Co-op Bank chairman Paul Flowers while at the FSA in 2010. 

Flowers, who was allegedly caught buying drugs in a media sting last year, was described as "financially illiterate" by the committee's chairman Andrew Tyrie.

An FCA spokesman said: "Protecting consumers is at the heart of what we do and that includes communications, which is why we are looking for support on behavioural change campaigns. The tender is now closed to new applicants."

Before commenting please read our rules for commenting on articles.

If you see a comment you find offensive, you can flag it as inappropriate. In the top right-hand corner of an individual comment, you will see 'flag as inappropriate'. Clicking this prompts us to review the comment. For further information see our rules for commenting on articles.

comments powered by Disqus

Latest Articles

Sky adds Fever PR to its roster after splitting with Cake

Sky adds Fever PR to its roster after splitting with Cake

Pay-TV giant Sky has added Fever PR to its agency line-up for a wide-ranging brief covering products and services.

Max Clifford trial jury to continue deliberations after Easter break

Max Clifford trial jury to continue deliberations after Easter break

The jury in the trial of celebrity publicist Max Clifford has been sent home for Easter and will reconvene on Tuesday for further deliberations about its verdicts on 11 charges of indecent assault.

Home Office brings in Munro & Forster to campaign against FGM

Home Office brings in Munro & Forster to campaign against FGM

The Home Office has tasked Munro & Forster (M&F) with supporting its campaign to eradicate female genital mutilation (FGM) as part of a wider retained brief.

Former White House press secretary Dee Dee Myers to join Warner Bros

Former White House press secretary Dee Dee Myers to join Warner Bros

Warner Bros has appointed former White House press secretary Dee Dee Myers as EVP for worldwide corporate communications and public affairs, effective September 2.