The ABI has officially announced the launch of a quality mark for financial services.
The Pensions, Protection and Investments Accreditation Board will be an independent body design to set standards, it claims have been called for by consumers groups, the Government and the industry.
Products will be awarded a quality mark based on meeting clarity of information, appropriateness of the product and quality of the service criteria.
PPIAB will also work to tighten-up enquiries and complaints procedures.
Association of British Insurers chairman Sandy Leitch said: “Consumers are still being under-insured and under-pensioned. While industry standards have improved, we now want to stretch our performance further.
“The initiative will complement existing advice mechanisms, direct and through financial advisers, in helping consumers acquire the knowledge and confidence they need to make proper financial provision.”
The standards are set to be published in the first half of next year.