Financial safety net scheme reviews six-figure PR account

The UK's compensation fund of last resort for customers claiming redress from financial services providers has issued a tender for its lucrative PR work, for which Hanover is expected to repitch.

FSCS: Pitching out account held by Hanover
FSCS: Pitching out account held by Hanover

The Financial Services Compensation Scheme (FSCS) has budgeted between £360,000 and £540,000 for the PR activity over the next two years, which includes raising public awareness and handling corporate and stakeholder engagement.

Most prominently involved in paying back customers for mis-sold Payment Protection Insurance (PPI), the scheme is funded through levies on the industry, which are set to increase by £28m to £313m in 2014.

In the recent FSCS 2014/15 budget, which outlined the increase in levies, it was predicted that ongoing high numbers of mis-sold PPI claims will lead to a 20 per cent increase in compensation payouts next year.

A spokeswoman for the scheme, which also offers compensation for savings lost when banks go under, said awareness-raising would be "at the heart" of the winning agency's mission.

"The successful agency will form part of an existing integrated communications team working with FSCS and the other agencies it retains," she said.

"It will be required to provide strategic advice and support on the creative development of consumer PR themes, plans and tactics as well as the implementation and delivery of PR activity that gets results."

Hanover declined to comment.

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

Max Clifford trial jury finishes sixth day of deliberations

Max Clifford trial jury finishes sixth day of deliberations

The jury in the trial of celebrity publicist Max Clifford on 11 charges of indecent assault has been sent home and will reconvene tomorrow morning for a seventh day of deliberations.

Analysis: Fishburn chiefs keep eyes on future despite mounting departures

Analysis: Fishburn chiefs keep eyes on future despite mounting departures

Fishburn's management have defended their reinvention of the 23-year-old agency amid industry mutterings, fed by a series of director-level departures, about the direction in which it is going.

Hit or Miss? EasyJet backs Shakespeare Day campaign with world record attempt

Hit or Miss? EasyJet backs Shakespeare Day campaign with world record attempt

EasyJet aimed to break the world record for the highest ever theatrical performance for Shakespeare's 450th birthday yesterday with the Reduced Shakespeare Company performing on a flight from Gatwick to Verona.

Top PRs to gather in Barcelona for inaugural PRWeek Global Congress

Top PRs to gather in Barcelona for inaugural PRWeek Global Congress

Senior executives from IBM, Nestlé, Vedanta, GE, Cargill, Philips and Allianz will be among the speakers at PRWeek's first Global Congress.