The Financial Conduct Authority turned to an unusual tool in its fight against scams over the Christmas period.
On 9 December 2021, the regulator unveiled a 1.13-minute-long jingle to prompt savers to question too-good-to-be-true propositions from fraudsters.
But according to a Freedom of Information (FOI) request, the move ended up being quite expensive for the watchdog which had to fork out £41,667 ($56,676, €50,000) to make it.
The costs included money spent on third parties – including voiceover artists and recordings of the jingle – as well as behavioural science consultancy, press and media engagement.
This breaks down to:
- £28,217 to MHP, a trading division of Engine Partners UK LLP – a behavioural science firm;
- £8,500 to Soviet Science Music Limited – a music production company; and
- £4,950 to Influence At Work UK Limited – a business consultancy.
The making of the jingle took 57 hours, the FCA revealed in the FOI.
As of 6 January 2022, the song had been played 17,936 times across social media, streaming services and the regulator’s website.
An FCA spokesperson said: “Since 2018 we have invested to warn people about loan fee fraud, which affects the most vulnerable particularly around Christmas. Victims lose on average £274 each, which they often cannot afford. This year we sought an innovative approach, using music to helping people to avoid being scammed. We are pleased with the reaction to it.”