Financial services watchdogs plan ads to highlight pension mis-sales

Financial services regulators are considering a consumer advertising campaign to raise awareness about the mis-sale of pensions.

The campaign is one of a number of proposals being mooted by regulatory bodies the Financial Services Authority (FSA) and Personal Investment Authority as a result of a pensions review.

The ads would form a part of a multimillion pound publicity campaign to track down consumers who may have been mis-sold personal pension plans.

The pensions review was began in 1994 to offer redress to people who were sold personal pensions when they would have been better off staying in, or joining, an occupational pension scheme.

A spokeswoman for the FSA comments: “It’s too early to talk about what form an advertising campaign would take or when we would do it.”

The proposal is contained in a consultation document issued to consumer groups and the financial services industry. The regulatory bodies will decide whether to proceed with an ad campaign once the consultation period expires on May 15.

In addition, a public information film featuring an ostrich is due to be broadcast on television in the next few weeks.