Sheffield-based agency Dig For Fire has given notice to HSBC-owned bank First Direct so that it can take up the multi-million pound Co-operative Financial Services (CFS) account.
The communications agency handles First Direct’s current account advertising work, thought to be worth just under &£1m. The direct bank has confirmed Dig For Fire is working out its notice until the end of August. Dig For Fire, which has also worked with HSBC on commercial mortgage products and Axa PPP Healthcare, is thought to have given notice on a second unknown piece of advertising business.
Dig For Fire won the CFS business following a competitive pitch against two London agencies. The financial services provider announced plans in April to consolidate its below-the-line activities by appointing its first lead direct marketing agency, as revealed in Marketing Week (MW April 28).
CFS was formed in 2002 to bring together the Co-operative Bank, the Co-operative Insurance Society and internet bank Smile under the same leadership.
The Manchester-based financial services company has previously appointed separate agencies project by project, but wanted to reduce the number of agencies being used and to concentrate working with one strategically on direct marketing across the brands. Two or three specialist agencies are expected to work on an ad-hoc basis. The review was led by marketing communications head Kelvin Collins.