Financial services regulator readies awareness drive
Financial services regulator The Financial Conduct Authority (FCA) has vowed to be more communicative than its predecessor as it launches the first of a series of campaigns to raise awareness among firms under its remit.
A radio campaign telling consumer credit providers they must register with the FCA before 1 April or cease trading launched this week.
The radio ads are part of the first campaign by the FCA since it launched in January to replace the Financial Services Authority, taking on oversight of banks and others offering credit.
Emma Stranack, head of consumer communications and engagement at the FCA, told Marketing Week the regulator will be more consumer focussed than the FSA and will also communicate more with the firms it regulates.
She adds, however, the volume of marketing activity it can launch is limited because of the way it is funded – through the fees the firms it oversees are required to pay.
“It [marketing activity] is not about being famous but communicating appropriately when we have something to say”, she adds.
The FCA’s remit does cover the promotion and advertising of consumer credit. For example, it proposed introducing mandatory risks warnings on ads for payday loans last month.
Fifty thousand financial services firms are expected to fall under its remit next year.
