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Financial services
Simple products
In July 2010, the Financial Secretary to the Treasury outlined the Government’s intention for a new range of simple financial products.
These would help people take responsibility for their finances and to make better choices.
Consultation
‘Simple Financial Products: a consultation’ was published on 14 December 2010 and closed 25 March 2011. The consultation set out the Government’s initial suggestions for how a new range of simple products could be developed.
The Government received 75 responses to the consultation from a wide range of organisations and individuals, including industry, trade bodies, academics and consumer groups. A summary of consultation responses was published in October 2011.
Steering Goup
The Government announced in October 2011 the creation of an independent simple financial products steering group chaired by Carol Sergeant to take the work forward.
The group is tasked with devising a suite of simple financial products that will help consumers navigate the financial services market. The aim is to help increase the number of new participants in financial markets by providing straightforward, easy to understand products that are clearly identifiable as meeting “simple product” standards. Responses to the Government consultation on simple products suggest that the group should initially focus on simple deposit savings and protection insurance products.
On 8 February 2012, the Financial Secretary to the Treasury and Carol Sergeant set out their vision for the simple products project in a speech at Deloitte. The Steering Group’s terms of reference were also published.
The Steering Group is the Association of British Insurers, the British Bankers’ Association, the Building Societies’ Association, Money Advice Service, Consumer Focus and Which. The Financial Services Authority and HM Treasury will have observer status on the group. A Secretariat is being provided by the Association of British Insurers. A number of working groups are also being set up.
- Press notice: New steering group launched to develop ‘simple’ financial products (20 October 2011)
- Simple Financial Products Steering Group: terms of reference (PDF 29KB)
- Speech by the Financial Secretary to the Treasury, Mark Hoban MP, Simple Products launch (08 February 2012)
Contact us
Please email simple.products@hmtreasury.gsi.gov.uk for further information.
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