Last year the government launched its consultation on simple financial products and a summary of responses has now been published.
Their aim is to help people take responsibility for their finances and to make better choices. In their view the complexity of the current market stops consumers from entering the market or making the best choices. The consultation set out three objectives: to help ensure that people understand the products they need; to help consumers make better choices and to encourage competition in the market. What they did not recognise was the need for simple products to be “good”. Rather surprising given the payment protection insurance experience and previous initiatives on sustainable hom...
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