Prudential is talking to PR agencies about a campaign in the wake
of the mis-selling scandal
Neil Mainland
Mainland Public Relations
’The way to fix it must be a business solution. You cannot paper over
the problems with a new image. Restoring consumer confidence only
becomes a communications solution once you have solved the business
problem and have something positive to tell people. Anyone who thinks
they can solve this problem through communications alone is wrong.’
Henry Gewanter
Financial Dynamics
’If they started with the right question at the beginning they might
have come up with the right answer by now. Rather than junk mailing
potential victims to ask if they think they’ve been missold a pension,
they should look at the IMRO approach which seems to have resolved the
problem properly by looking directly in records and identifying who has
been mis-sold and sorting it out.’
Ian Williams
Lansons Communications
’It’s easy to overestimate the problem. Pensions sales are rising so
it’s hard to say there is a crisis. Pensions companies have got to do
two things. First, they need to sort out the review as quickly as
possible, get it finished and done. Stage two is to develop strong
products alongside strong brands which are easy and simple to
understand. They must do this very quickly beacuse if they don’t there
are those who will, such as Tesco and Sainsbury’s.’
Martin Campbell
Virgin Direct
’The issue is so enormous that simple PR spin will not be able to deal
with it. The only way to re-establish consumer confidence is for the
companies to pay compensation where it is due, then put it behind them
Confidence will return when it is earned - when the quality of products
and the way they are sold meets the new benchmarks.’
Joanne Hindle
NatWest Life
’It’s going to take two to three years before the pension industry can
properly put mistakes behind it. The best way ahead will then be to,
firstly put their house in order, and then work in partnership with the
Government to try to establish the best style of pension, with the
optimum combination of public and private.’
