The Inland Revenue has appointed roster agency M&C Saatchi to handle the estimated 5m launch campaign of the government initiative the Child Trust Fund (CTF).
The timing of the launch of the CTF scheme has caused controversy because the vouchers and advertising will be launched in the run-up to the General Election.
The agency is working on a campaign that will break in January to raise awareness of the CTF, which has been dubbed “baby bonds” even though the name is a registered trademark of The Children’s Mutual. Under the scheme, the Government will give parents of every child born since 2002 a voucher for 250 to be invested until the child is 18 years old. Children from low income families will get 500.
It is thought that M&C did not pitch for the business against fellow roster agencies DFGW, Miles Calcraft Briginshaw Duffy and HHCL/Red Cell.
Inland Revenue’s outgoing marketing director, Ian Schoolar, made the appointment. Schoolar announced earlier this month that he is leaving after four years in the role. He doesn’t have a job to go to (MW September 2). Following the merger with Customs and Excise, Schoolar’s role has been split into two positions – marketing director and director of communications.
Parents will be able to invest the money in specialist accounts. Halifax is one of the few financial service providers to have committed to the CTF. Halifax plans to promote its specially created account with television advertising.