Simple financial products consultation

Issued: 14 December 2010

Open date: 14 December 2010

Close date: 25 March 2011

Background

The Government announced in July 2010 that it wanted to see a new range of simple financial products launched.

These would help people take responsibility for their finances and to make better choices.

‘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 range of simple products could be developed.

Consultation

This consultation sets out the Government’s proposed principles for a new category of simple products, giving consumers a straightforward option for comparing and buying products.

Simple products should ensure that people understand the products they need, help them make better choices, and encourage competition in the market.

Alongside the consultation we are also publishing an independent literature review by Professor James Devlin on previous simple products initiatives, namely CAT standards and stakeholder products.

This consultation is open to all members of the public with an interest, particularly those in the financial services industry and consumer groups.

Consultation documents

Consultation responses

The Government received 75 responses to the consultation from a wide range of organisations and individuals, including industry, trade bodies, academics and consumer groups. This document summarises responses submitted to the consultation.

A Steering Group, chaired by Carol Sergeant’ is taking forward the development of simple products

Contact us

Post

Alice Mosby
Insurance and Savings
3/20
HM Treasury
1 Horse Guards Road
London
SW1A 2HQ