‘Simple financial products will restore trust in banks’

The Treasury has proposed the introduction of a kitemark to identify a range of simple, easy to understand financial products in a bid to help rebuild consumer trust in banks.

money

The Sergeant Review of Simple Financial Products, published today (2 August), suggests that a range of simple, easy to compare financial products should be introduced to help consumers make the right choices.

These would include an easy-access savings account, a 30-day notice savings account and a simple-term life insurance product that meet basic needs. A kitemark would help consumers identify these products.

An independent body to ensure standards are being met has also been proposed.

The report comes as the banking sector faces a fresh wave of distrust following the Barclays Libor-fixing scandal, major IT glitches at both Natwest and Nationwide and the ongoing issue of mis-sold payment protection insurance (PPI). LINKS

Similar measures have been proposed for the energy sector as part of a radical overhaul of the market to help consumers easily compare products and check the cheapest tariff offered by providers. It is hoped that the moves will restore trust in the sector.

Latest from Marketing Week

PLEASE SIGN IN OR REGISTER. IT'S FREE, QUICK AND EASY!

Access Marketing Week’s wealth of insight, analysis and inspiration that will help you develop as a marketer and leader.

Register and receive the best content from the only title 100% dedicated to serving marketers' needs.

We’ll ask you just a few questions about what you do and where you work, so we can make Marketing Week more relevant to you.

Register now

THE BEST CONTENT

Our award winning editorial team and columnists will ask the biggest questions about the biggest issues on everything from strategy through to execution to help you navigate the fast moving modern marketing landscape.

THE BIGGEST ISSUES

From the opportunities and challenges of emerging technology to the need for greater effectiveness, from the challenge of measurement to building a marketing team fit for the future, we will be your guide.

PERSONAL AND PROFESSIONAL DEVELOPMENT

Information, inspiration and advice from the marketing world and beyond that will help you develop as a marketer and as a leader.

Dedicated to developing your skills and helping you achieve marketing excellence. Find guidance on leadership, professional development and the latest industry jobs.

Having problems?

Contact us on +44 (0)20 7292 3711 or email subscriptions@marketingweek.com

If you are looking for our Jobs site, please click here