Banks and insurance companies, which normally vie fiercely with one
other for business, are uniting to persuade millions of Britons to
safeguard their financial futures.
Agencies are being lined up to contest a pounds 15 million campaign,
which would encourage more people to save regularly, take out life
insurance and join pension schemes.
The Savings and Long-Term Risk Project - the result of a year’s secret
work - is intended not only to support Government plans for reform of
the welfare state, but also to help repair the image of the financial
services industry, which was seriously damaged by the pounds 11 billion
pensions mis-selling scandal.
Sandy Leitch, the UK chairman of Zurich Financial Services and the
project’s chairman, said: ’It demonstrates the very real desire of
financial services companies to increase consumer awareness and to
educate and empower their customers.’
Project executives, under the auspices of the Association of British
Insurers, are working with the AAR to draw up a shortlist of agencies
and media specialists to pitch for the account.
Although their aim is to have the winning agency in place by the end of
next month, no advertising is likely to appear until 2000, when regional
tests will precede a national roll-out.
John Bounds, who has been seconded from Friends Provident to be the
project’s director, said: ’We’re looking for the broadest possible
spread of agencies to pitch.
Having an existing financial services client would be an obvious
The advertising, which will target middle and lower income groups, is
intended to encourage consumers to pay more attention to planning their
financial futures as the Government eases the burden on an overstretched
’There’s a need to encourage more financial literacy and awareness,’
Bounds added. ’However, we won’t be suggesting that a particular form of
investment is right.’