Treasury report on simple financial products

Final recommendations have been published by the Treasury today, regarding a set of simple financial products designed to make life easier for consumers, allowing a clearer navigation of the market.

The independent group, initially set up by the government and chaired by Carol Sergeant, has been looking into how financial products such as savings accounts and life insurance could be simplified.  The final report has now been released after consultation with a range of consumer groups and industry experts.

Economic Secretary to the Treasury, Sajid Javid, said:

“People need to be able to manage their everyday finances with confidence and ease. The products outlined in this report represent a milestone towards achieving this, and I am impressed with the way that such a diverse group of organisations has worked together to develop them.

“The challenge now is to ensure that the work that has gone into the Sergeant Review is transformed into tangible changes for consumers, and I look forward to discussing progress made with the industry and consumer groups next year.”

The final report outlining the recommendations can be viewed here:

http://www.hm-treasury.gov.uk/d/sergeant_review_simple_products_final_report.pdf