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PPI: Simple financial products won't always offer good returns

Simple financial products do not always offer consumers good returns, according to an expert.

Earlier this week, the government launched a consultation on financial products with the aim of offering simplified products to Britons.

Jason Riddle, co-founder of consumer group Save Our Savers, welcomed the move, claiming that there are many overly complex financial accounts which do not meet customers' needs.

He said: "The idea is that a range of simple financial products which would be easily comparable across a range of providers will increase consumer engagement and at the same time increase competition in the market."

However, he did caution savers to be aware that even if a product is simple "it won't necessarily give savers a reasonable return".

Mr Riddle added that a savings account which is guaranteed to beat inflation should be created in order to attract savers to invest once again.

Posted by John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate financeADNFCR-2776-ID-800299556-ADNFCR

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