The majority of MPs agree that increasing awareness of the Financial Services Compensation Scheme would improve consumer confidence and contribute to increased financial stability, according to a poll released today.
In the poll of 154 MPs from across the political spectrum, 78% agreed or strongly agreed that improving awareness of FSCS would increase consumer confidence and trust in financial services thereby helping to create financial stability.
Some 80% said they felt advisory firms should tell people about FSCS protection when selling relevant products and services.
A further 81% said they felt there was a lack of awareness of the protection offered by the scheme.
This follows research conducted by the FSCS earlier this year showing that just 47% of consumers are aware of the scheme's existence. That research also showed a link between awareness of the scheme and higher levels of consumer confidence.
In addition 77% of MPs said firms should display information about FSCS prominently in branch or at point of sale.
Mark Neale, FSCS chief executive, said: "We are working with the industry on the next phase of our consumer awareness programme, including providing clear sign posting of FSCS in banks, building societies and credit unions.
"We hope the industry will embrace this work which will benefit consumers and firms alike."
The poll was conducted by polling and research consultancy Com Res on behalf of the FSCS.
