The review was handled by the Crown Commercial Service and was open to all agencies on its planning roster.
UM London will put together a multimedia communications strategy to raise awareness of the FSCS’s work on making sure the public’s money is protected and increasing knowledge of the compensation limits.
The FSCS was launched in 2000 to help savers who had lost money invested with banks.
Mark Oakes, the head of communications at FSCS, said: "UM London delivered an outstanding proposal and pitch and proved they have strong credentials to help us drive forward our consumer awareness campaign.
"We are looking forward to continuing our journey with the UM team. They and the other bidders show the world class strengths of the UK industry."
UM London has held the account since 2012. The media buying is handled by Carat.
Russell Place, the managing director at UM London, said: "We are thrilled our relationship with FSCS will continue to evolve.
"We have developed a deep understanding of their communications needs and the audiences they strive to engage."