A radio ad supporting H.R. 10, the Financial Services Competition Act, is running on Don Imus' program through April 1.

The program airs on WTEM 980 AM, WTOP 1500 AM and WMAL 630 AM, stations heard within the Beltway around Washington. A narrator, over the sounds of a retirement party, says: ''After 65 years, it's time to give Glass-Steagall the gold watch. Current law hasn't kept pace with advances made in financial services. H.R. 10 will bring the laws governing financial services up to speed. H.R. 10 will help U.S. companies compete in the global marketplace while saving American consumers billions of dollars.''

The ad, which started running Monday, said it is time to restructure financial services for the future, and that the nation's insurers urge Congress to pass H.R. 10.

''H.R. 10 will give us the structure we need to take us into the next millennium,'' the ad says.

Dan Zielinski of the American Insurance Association says the ad is meant to alert members of Congress that an important financial services bill is moving to the floor of the House (possibly on March 31), and that they should become well acquainted with it.

A similar print ad is running in Roll Call and Congressional Daily.

The ad is sponsored by the American Insurance Association, the American Council of Life Insurance, Independent Insurance Agents, Professional Insurance Agents and the National Association of Life Underwriters.