This consultation ran from to
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.
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.
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.