News Article Published:
Tuesday, 28 August 2007
Category:
Insurance
Financial firm Axa has decided on a new marketing strategy, which will revolve around the concept of 'trust', yet ironically it has just been outed by the Financial Services Authority (FSA) as one of the firms which was not transparent about hidden charges.
Axa has been advertising with the strapline 'You can't plan for life, but you can plan for living' and is now conducting research into the 'trust' idea before it will be used in adverts.
The firm now hopes that marketing itself as a company the customer can trust, UK consumers will switch to its services it what it sometimes seen as an untrustworthy market.
It is true that the finance industry has seen consumer confidence drop off after concerns over misselling and hidden charges and the FSA is currently encouraging financial firms to treat customers fairly.
However, Axa has just been named by the FSA as one of 12 firms which did not make clear the impact of fees on endowment mortgages, along with Standard Life, Pearl, Scottish Widows, Scottish Amicable, Scottish Mutual and Scottish Provident.
Although all the firms that were named have been given some negative publicity, Axa may have got off more lightly than most, as the firm did announce that it had set aside money to reimburse policyholders for shortfalls.
In the meantime Axa is reviewing its media account, which is worth £12 million, with an agency to be chosen next month.
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