City watchdog the Financial Services Authority (FSA) is understood
to be consulting pension providers on funding a PR campaign aimed at
encouraging people who have been mis-sold pensions to seek
The FSA warned pension providers in March that it was planning to ask
them to fund an advertising campaign to reach pension holders who are
less likely to be aware that they have been mis-sold - because, for
example, they are not close to retirement age.
The campaign could have a total budget of up to pounds 7 million, and is
likely to run from this autumn until spring next year.
Now sources close to the FSA say that the campaign could include a PR
element, to reach workers in local government, the National Health
Service and the private sector.
The FSA would not confirm details of the campaign. These will not be
made public until the watchdog announces the results of a consultation
on the campaign and other measures to deal with mis-selling.
The watchdog has told companies which have mis-sold pensions that if
they do not pay for the campaign on a voluntary basis it will take legal
measures to ensure that they fund it.
Pension providers are unlikely to be named in the campaign. Last year
the FSA commissioned a public information film, featuring an ostrich, to
alert people to the pension mis-selling problem. The film did not name
the pension providers involved.