A spokesman for the price-comparison site said it had kicked off a review through the AAR, but had shortlisted an undisclosed list of three agencies for the account. 'This is not about cost-saving, it is about our strategic approach,' he added.
Moneysupermarket's current campaign, created by DCH, is set in a virtual supermarket and is intended to appeal to consumers' economic concerns.
The brand's adoption of an ambassador follows the success of meerkat character Aleksandr Orlov, the mascot of its rival, Comparethemarket.com.
Separately, another rival, Confused.com, has shortlisted Iris, Krow, BMB and McCann Erickson for its £25m advertising account.
Last November, Farm picked up the business without a pitch and was Confused.com's first retained ad agency.
It is understood that the Confused.com review is being handled by Agency Assessments. Confused.com has maintained a constant advertiser presence on TV, but has struggled to differentiate itself from other comparison sites.