HBOS has welcomed the Treasury's announcement about a long-term savings regime for the UK.
HBOS says the 1.5 per cent annual charge is realistic and will increase the level of competition within the savings industry.
An HBOS spokesperson says more transparency and competition is good news for customers and that it will give a greater number of consumers access to advice and products.
HBOS introduced a range of “Sandler-style” products two years ago. These products, which include advice in their pricing, all feature no initial charge, no exit fees and annual charges of 1-1.5 per cent.