FSA launches 2 million GBP campaign to help consumers get a grip on insurance
12th March 2007The Financial Services Authority (FSA) has launched a 2m GBP campaign, reaching across radio, newspapers and websites, to help consumers feel more capable and confident about buying insurance.
The FSA conducted a survey to assess consumers' understanding of insurance. The findings are worrying:
- 49% of people admit they're confused about what their insurance covers;
- 52% of people find it difficult to compare insurance products;
- 45% don't know if they're getting a good deal;
Insurance can offer valuable protection - but many consumers need help to decide what is right for them. The FSA's jargon-busting website www.moneymadeclear.fsa.gov.uk has clear, impartial information to give consumers a head start.
This includes an insurance checklist which encourages consumers to check what they're already covered for, to check the exclusions on policies, and to shop around and compare features - not just prices - to get the best deal. There's no selling. No jargon. Just the facts.
Vernon Everitt, Director of Retail Themes at the FSA, said:
"Insurance plays an important part in protecting our families, homes and possessions. But as with all financial products, consumers need to be capable and confident in making the right choices, including shopping around for the best deal and asking the right questions. Our jargon-free information will help them do just that.
"We want to help consumers ask the right questions of themselves and the insurance market when it comes to buying products. The market as a whole will benefit from more capable and confident consumers."
Providing clear, impartial information to empower consumers is a major part of the FSA's contribution to raising the financial capability of UK citizens.
This campaign is targeting people through online, radio, press and SMS mobile phone advertising and also includes the FSA's first podcast - Insurance made clear.
