Treasury unveils plan to 'kitemark' simple products

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 ...