Compensation body conducts major comms review to raise profile and public awareness

The Financial Services Compensation Scheme (FSCS) is to conduct a major review of its comms, due to start later this month, to help build its profile in the coming years.

Details of the move are outlined in a tender that closes this Friday, for a £25,000 contract due to start in mid-February and finish towards the end of April this year.

The FSCS is seeking an agency to carry out a review of FSCS comms and "make recommendations to help shape the future approach of the organisation to communications," according to the tender document.

A statutory body set up by the Government in 2001 and funded by the financial sector, the FSCS compensates people in the event of a financial services firm collapsing.

It has a long-term target of 70 per cent awareness, set several years ago in a wider organisational strategy that ends in 2019.

The FSCS is now looking at 2020 and beyond, and its comms team aims to sustain at least 70 per cent awareness in the long term – having reached 77 per cent in 2016.

Hanover is the incumbent PR agency, while FSCS uses UM London for strategy and planning, and Mullen Lowe London for its advertising.

In a statement, Mark Oakes, FSCS head of communications, told PRWeek it was commissioning support in addition to its existing roster.

He said: "The agency appointed will not be providing a new communication strategy for us, and the process will involve the excellent agencies we’re already working with. It will work closely with me and my team to tap into all the expertise available, while also bringing additional perspectives."

He added: "We’ve come a long way in recent years and have an excellent integrated communications programme and function. We drove awareness from the single digits at the time of the banking crisis to 77 per cent in 2016. But we don’t stand still and this appointment will help us make sure that FSCS is ready for any future challenges and continues to build on a strong profile and consumer awareness."

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