2 August 2012
An independent steering group set up by the Government has today published initial recommendations on the development of ‘simple’ financial products that will better enable consumers to navigate the financial services market, the Financial Secretary to the Treasury, Mark Hoban, announced.

The independent steering group, chaired by Carol Sergeant (formerly of Lloyds Banking Group) has published its initial report following consultation with a wide range of consumer groups and industry representatives. Formed following a Government consultation in 2010, the group was tasked with devising a suite of financial products which would help consumers to better engage with what can be a complex financial services market.

In the report published today, it proposes:

• an easy access savings account;  
• a 30 day notice account;
• a simple term life insurance product;
• a ‘Simple Products’ accreditation body to ensure that these products are meeting core standards outlined by the group; and
• an accompanying ‘kite mark’ badge to ensure that these products are clearly identifiable to consumers.

See link to Treasury Website:

http://www.hm-treasury.gov.uk/consult_simple_financial_products.htm