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Basic financial products: The Dutch consumer organisation, Consumentenbond is leading a campaign challenging the financial sector to come up with basic products. As part of the campaign, Consumentenbond have released a paper outlining the products which could be simplified.

Taken frome Consumers International website:

Netherlands: Consumentenbond's financial services campaign 'Do you understand money? Make sure you do'

02 Jun 2011

Consumentenbond has launched its campaign titled Do you understand money? Make sure you do.


Consumentenbond, a Netherlands-based consumer organisation, says this campaign attempts to challenge the financial sector to come up with financial basic products. For this Consumentenbond has prepared specific criteria and final dates for signing up for participation and also for the actual delivery of these products.

 

Document download

As part of the campaign, Consumentenbond have released a 29 page document (downloadable below) with an explanation of the financial services and products the consumer organisation is calling for. It includes key target dates and an invitation to banks and insurance companies to join in the discussion.

 

Basic financial products

The Consumentenbond document explains that basic products are not necessarily inexpensive products or the best products for all, but rather clear products letting consumers know exactly what to expect.

Basic products are products that serve their purpose without any restricting conditions, and without any pitfalls along the road. Basic products are meant to supplement and strengthen rather than replace the existing products.

 

Consumer confusion

In the document, Consumentenbond says most consumers are unwilling or simply unable to perfectly understand the financial products they require in this society. Consumentenbond highlights that in recent years, products have developed such a complicated nature even experts are sometimes confused.

 


ID: 47509
Publication date: 02/07/11
   
URL(s):

Consumentenbond (Council)
 

Created: 05/07/11. Last changed: 05/07/11.
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