View more on these topics

Government to create simple products

Hoban: ‘Encourage saving’
Hoban: ‘Encourage saving’

The Government will develop a new range of “simple products”, with the first consultation paper due to be published by the end of this year.

Speaking at the first Consumer Financial Education Body conference in Cambridge last week, Treasury financial secretary Mark Hoban said the products will be developed in conjunction with consumer groups and the industry.

He said: “Simple products will help everyone to make better choices and we particularly intend them to help encourage saving. I realise that there has been some controversy around simple products in the past and I want to reassure you that we are determined to avoid making the same mistakes as the last Government.

“We will work closely with representatives from across consumer groups and industry to ensure that the products developed are viable for industry and attractive to consumers.”

Hoban said the Government will publish the first high-level consultation on simple products by the end of this year, adding that officials will be working closely with interested parties in the run-up to the consultation.

He said: “As well as developing simple products, we want to improve existing products that work well. The main savings product the Government has in place is Isas. We want to make sure that Isas are as simple, transparent, competitive and as flexible as possible.”


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and thought leadership.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm