Consultation outcome

Simple financial products

This consultation was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government

This consultation has concluded

Download the full outcome

Original consultation

This consultation ran from to

Summary

The Government announced in July 2010 that it wanted to see a new range of simple financial products to help people take responsibility for their finances.

Documents

Simple Financial Products Steering Group: terms of reference (PDF 29KB)

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Simple financial products: a consultation

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Literature Review on Lessons Learned from Previous “Simple Products” Initiatives

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Consultation description

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 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.