You are here: Home - Insurance - News -

Plan to ‘kitemark’ simple products launched

Written by:
A range of kitemarked simple products should be introduced to help restore consumer trust in the financial services industry, a Treasury-commissioned review has recommended.

A simple easy-access savings account, a 30-day notice savings account and a simple-term life insurance product could benefit the millions of households that have combined incomes of above £15,000 but below £50,000, the report said.

The initial recommendations in the Sergeant Review of Simple Financial Products interim report, headed up by former chief risk officer at Lloyds Banking Group, Carol Sergeant, will be open for further consultation ahead of a final report in February.

The report, which follows a consultation launched two years ago, said a kitemark badge should be introduced to help people identify the products.

It said an independent body should also be put in place to ensure standards are being met.

The report estimates that 15.5 million households, or almost 30m adults, with incomes above £15,000 but below £50,000, at which point they are more likely to use a financial adviser, could benefit from the products.

It said some 9.7m households, or almost 20m adults, fall within the target market for simplified life cover alone.

Sergeant said: “When consumers arrive at the financial marketplace there should be simple processes and products available to allow them to make an informed and straightforward decision.”

Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Government considers fully nationalising RBS

The UK government is looking at fully nationalising beleaguered bank RBS in an attempt to kick-start lending to British businesses.