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Daily Insurance Industry News
Friday 17th of August 2018
December 15, 2010

Treasury consults on “simple” financial products

by Gill Montia

Story link: Treasury consults on “simple” financial products

The Treasury wants insurers, banks and other financial services providers to come up with a range of “simple” products that will help consumers become more responsible.

In a consultation document published yesterday, Financial Secretary to the Treasury, Mark Hoban MP, set out the proposals commenting: “The Government is committed to helping consumers take responsibility for their finances.”

He adds: “Simple financial products will help them to do that, by providing a safe choice and a common benchmark against which other products can be compared.”

According to the minister, the new range of products will also help to encourage competition between providers.

The proposals include:

Industry and consumer-led development of a new category of simple financial products, with standardised features.

The first simple products to be developed should be deposit savings and life and income protection insurance products.

Simple products should not be subject to price-caps, and provision should be voluntary.

The Treasury is now seeking input on the proposals from consumer groups, the financial services industry and other interested parties.

 

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