By Maximilian Clarke

‘Simple’ financial products are being developed by government with help from financial industry experts, in order to make it easier for the UK consumer to navigate the complex web of financial services offered.

This will be carried out by a newly formed steering group, which will report back to Mark Hoban by July 2012 setting out how to bring simple products to market, including how simple products are structured and marketed to ensure that consumers get the best deal. Responses to a Government consultation on simple products, published today, suggest that the group should initially focus on simple deposit savings and protection insurance products. Other areas likely to be considered include investment products to help consumers save for the long-term.

"Simple financial products have the potential to help many consumers make decisions that will help them save for the first time and plan for a secure financial future for them and their families,” said Hoban. “I am delighted that Carol Sergeant has agreed to chair a steering group to develop the thinking on simple products further and to work with industry and consumer groups to bring them to fruition.”

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