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Compensation awareness on the rise

Thursday October 17th 2013

A £3 million publicity drive to make people aware of a savings compensation scheme seems to be working, new figures show.

The Financial Services Compensation Scheme (FSCS) is in place to make sure savers who bank with companies that go bust are able to be compensated. The FSCS launched a multimedia advertising campaign to raise awareness among the public and the latest figures show that 54% of consumers know about it, up from 47% in April.

Sherlock Holmes actor Benedict Cumberbatch had voiced radio adverts as part of a campaign to let people know that savings up to £85,000 are protected should the bank or building society they use go bust.

The latest consumer awareness research surveyed more than 1,400 people in July, just before the ads were broadcast.

The FSCS said that awareness was not as high as it had hoped but a new, more simplified message would reach more people.

A new deposit protection checker designed by the FSCS allows people to enter the names of their banks, building societies and credit unions they have money with to see whether or not they are protected.

Mark Neale, chief executive of the FSCS, said: "We firmly believe that by providing this checker we can help consumers to be better informed, reassured and able to make considered, confident decisions about their savings."

Copyright Press Association 2013

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