Legal & General plans direct bank scheme

Legal & General is following Direct Line, Norwich Union, and Scottish Widows by launching a direct banking system. The financial services group has committed an estimated 1m to set up administration systems for its deposit accounts, but is mar

Legal & General is following Direct Line, Norwich Union, and Scottish Widows by launching a direct banking system.

The financial services group has committed an estimated 1m to set up administration systems for its deposit accounts, but is marketing the move on the back of an advertising campaign designed to avoid over-stimulating demand.

Steven Georgiadis, group account director DMB&B Financial, who is handling the press-based ad campaign, says: “The overall strategy is that good pricing on the products will build the business more than a heavyweight ad campaign.

“L&G still has to launch the products and raise awareness. But we will try to control volume after launch and make sure that the company is not swamped.”

The agency has pre-booked press spots to launch the deposit accounts. Georgiadis declines to confirm an annual ad spend figure, but it is believed that L&G will commit up to 1m to press advertisements over the coming year to establish itself in the market.

The company will also be keen to repair its image after being public rapped last month by the Government for mis-selling pensions in recent years.

Latest from Marketing Week

NOT REGISTERED? IT'S FREE, QUICK AND EASY!

Access Marketing Week’s wealth of insight, analysis and opinion that will help you do your job better.

Register and receive the best content from the only UK title 100% dedicated to serving marketers' needs.

We’ll ask you just a few questions about what you do and where you work. The more we know about our visitors, the better and more relevant content we can provide for them. And, yes, knowing our audience better helps us find commercial partners too. Don't worry, we won't share your information with other parties, unless you give us permission to do so.

Register now

THE BEST CONTENT

Our award winning editorial team (PPA Digital Brand of the Year) ask the big questions about the biggest issues on everything from strategy through to execution to help you navigate the fast moving modern marketing landscape.

THE BIGGEST ISSUES

From the opportunities and challenges of emerging technology to the need for greater effectiveness, from the challenge of measurement to building a marketing team fit for the future, we are your guide.

PERSONAL AND PROFESSIONAL DEVELOPMENT

Information, inspiration and advice from the marketing world and beyond that will help you develop as a marketer and as a leader.

Having problems?

Contact us on +44 (0)20 7292 3711 or email subscriptions@marketingweek.com

If you are looking for our Jobs site, please click here