Editor's comment: COI 'help' could hinder banks

This week the COI's deputy chief executive, Peter Buchanan, offered his organisation's marketing services to our growing number of nationalised (or at least effectively government-owned) banks. Should they accept?

There is the view that day-to-day management should be left to the banks themselves, their marketers free to make the same decisions as they would have before their employer got itself in to the unfortunate, albeit not unique, position of needing state handouts.

To get out of this mess, these banks need to be able to behave like the independent and competitive financial organisations they will be up against. Any involvement with the COI would hinder competition.

The government does not want to be seen as controlling the banks. Until proven otherwise, banks should be trusted to put to use adspend that is appropriate to their current circumstances.

At the same time, there is a very real need to reassure taxpayers that no money is being squandered - particularly as advertising is often an easy target for this kind of accusation.

As our exclusive Nielsen data revealed last week, the COI is on track to become the UK's biggest advertiser. This means that it has considerable clout when it comes to media buying, giving the government clear cost-saving advantages.

There may be a compromise that will placate taxpayers and aid the banks at the same time. Instead of inheriting full responsibility, perhaps the COI could offer itself as a consultant, ensuring that these banks' media spends are proportionally audited, keeping its intervention to a minimum.

This way, when the banks eventually return to their former commercial status, there will not be the extra headache of untangling the marketing spend from the COI roster.



Before commenting please read our rules for commenting on articles.

If you see a comment you find offensive, you can flag it as inappropriate. In the top right-hand corner of an individual comment, you will see 'flag as inappropriate'. Clicking this prompts us to review the comment. For further information see our rules for commenting on articles.

comments powered by Disqus
Brand Republic Jobs

subscribe now


Waitrose boosts content strategy with 'Weekend Kitchen with Waitrose' C4 tie-up
Hottest virals: Cute puppies star in Pedigree ad, plus Idris Elba and Fruyo
Amnesty International burns candles to illuminate new hope
Toyota achieves the impossible by calming angry Roman drivers
Tom of Finland's 'homoerotic' drawings made into stamps
YouTube reveals user habits to appeal to 'older' marketers
Ex-M&S marketing chief Steven Sharp consulting at WPP
Wolff Olins reveals new CEO after Apple poaches Karl Heiselman
Glasgow offers £30,000 prize to best digital idea for 2014 Commonwealth Games
Google's revenues surge but shares drop as it grapples with transition to mobile
Facebook beats Twitter to most 'marketing friendly' social media site crown, says DMA
Fableists believe children like Finn should be outdoors enjoying life
Homebase, Baileys and Camelot join the line-up at Media360
MasterCard renews Rugby World Cup sponsorship to push cashless message
Lynx unleashes £9m 'Peace invasion' campaign
Social Brands 100 Youth: Pizza Hut most social youth brand in UK
Cheryl Cole is wild and arresting in new L'Oreal work
Morrisons told not to show alcohol ads during YouTube nursery rhymes
O2 head of brand Shadi Halliwell departs after 23 years at company in restructure
Tesco hit by further sales decline as it turns to digital Clubcard and social network
Branding guru Wally Olins dies aged 83
Duracell short film captures epic Transatlantic voyage
Ash runs Tinder experiment to show smokers are less desirable to opposite sex
British Airways teams up with Gerry Cottle Jnr for summer of rooftop film screenings
Arklu says 'girls can be superheroes too' with doll design competition
Coke enters squash market with Oasis Mighty Drops
Virgin Galactic signs up Land Rover as space flight sponsor
Motorola marketer Andrew Morley departs as Google gears up for sale to Lenovo
US Airways apologises after tweeting obscene image at a customer
Mumsnet admits users' emails and passwords accessed via Heartbleed bug