It has issued an RFI inviting agencies to pitch for the business, which has been handled by McCann Manchester since it won a pitch in 2010 against Leo Burnett and Rainey Kelly Campbell Roalfe/Y&R.
McCann created an awareness campaign that featured a series of stop-motion clay animation characters.
It is understood that FSCS is now looking for a new approach to encourage greater uptake of the scheme, which was set up by the Government.
Last month, FSCS hired UM London to handle its communications planning after a pitch against the incumbent, Mindshare, and Manning Gottlieb OMD. Media buying will continue to be handled by M4C.