1 delivering money guidance otto thoresen 9 april 2008
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Delivering Money Guidance
Otto Thoresen9 April 2008
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1. Governing principles
2. Scope of the service
3. Partnership model
4. Multi- channel national approach
5. New Brand
6. Comprehensive marketing strategy
7. FSA to take forward work
8. Funding split between Government and FSA
9. Compulsory levy for industry
10. Approach using a Pathfinder built on the Review’s protocols
Review Recommendations
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1. Governing Principles
Consumer Led
On my sideSupportivePreventativeUniversalSales Free
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Money guidance is about equipping people with tools, knowledge and confidence needed to make better decisions
Budgeting
Savings & Borrowings
Protection
Retirement planning
Tax & welfare benefits
Jargon busting
2. Scope of the Service
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Central Body
• Strategy• Marketing• Content/Quality• Accreditation• Delivery sourcing• Funding
Delivery Co-ordination
• GMM brand • Co-branded
MG (in-house or outsourced)
F2F Web Phone
Money Guidance
Referrals
Cu
stom
ers
Note: “Money Guidance (MG)” is not the brand but is used for illustrative purposes
Specialist partner
Accredited byMG
Generalist partner
Accredited byMG
Non MG guidance and advisory services
3. Partnership Model
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4. Multi channel approach
To engage all of the groups it is important to provide a range of access methods which can link to each other
Web Phone Face to Face
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5. Branding
We recommend that a new brand is established which encapsulates the principles of the service
“on my side”
“sales free”
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6. Engaging the consumer
The most important and the most challenging part
Branding and marketing will be crucial to persuading people to use the service.
This is a service people need but may not know they want
Need to be imaginative in the way we engage with people.
National & regional campaigns
Trusted intermediaries
Social networks & viral marketing
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7. Taking the Service Forward
Independent
Robust mechanism for levying
World leader in financial capability
Expertise in working in partnership to deliver financial capability
MoneyMadeClear experience
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8 & 9. Funding
Fairness
Efficiency
Accountability
We recommended that the cost is split equally between the Government and Industry via a compulsory levy
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10. Pathfinder
We recommended a pathfinder is established to turn the blueprint into a fully operational service
Leading to the roll out of the service
End to End Service
Regional focus
Target 500,000 to 750,000
12 to 15 months
Build on Review’s protocols
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Pathfinder – recommended scope
Measures of success
Appropriate core subjects
Marketing & engagement strategy
Appropriate boundaries
Training & recruitment
Test the partnership model & commercial setting
Criteria for referrals
New brand
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Pathfinder Phases
Development Phase Delivery Phase
Marketing plan ~£4m brand strategy
Infrastructure ~£2m website accreditation standards trusted intermediaries recruitment & training build on protocols measuring outcomes
We estimate that the Pathfinder will cost £12m
Validation~£6m
Engagement
Ability to fulfil needs
Manage demand
Partnership
Commercial setting
handoffs
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Government announced £12m package
Pathfinder will be lead by the FSA
Expect start in the Spring
Ted Hart will continue as Project Manager at FSA
Chris Pond is the main sponsor
Next Steps