UK Financial Campaign Faces Challenges Ahead of Launch
The UK government is set to launch a financial services campaign next April, aimed at boosting public confidence in the sector, but details remain sparse as stakeholders await the first meeting of its steering committee, scheduled for at least September, reports 24brussels.
Mike Coombes, COO of fintech firm PrimaryBid, cautioned that even the most well-crafted advertising initiative may struggle to resonate with the British public. He noted the findings from the FCA’s Financial Lives data, indicating that many British adults harbor skepticism towards financial services.
Originally proposed as a joint initiative led by the UK Treasury and the Financial Conduct Authority (FCA), the regulator has since acknowledged its limitations in spearheading the campaign. Karen Kerrigan, COO of Moneybox, revealed that the industry’s subsequent compromise led to a collaborative effort funded by private firms with support from government and the FCA.
Insiders suggest that the initiative was planned in a hurry, with the announcement made during Reeves’ speech on July 15 finalized only days prior. Furthermore, the Investment Association was integrated into the campaign’s framework just days before the public declaration.
Under the new campaign structure, banks and financial platforms will contribute funds to a centralized group tasked with managing advertising efforts. This approach aims to streamline messaging rather than allowing individual firms to conduct separate campaigns. Reports indicate that advertising powerhouse WPP may be selected to oversee this initiative.
As the campaign progresses, stakeholders remain focused on creating a more cohesive and trusted relationship between financial services and the public. The effectiveness of this initiative in overcoming the existing trust barriers will be closely monitored as it unfolds.
