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Loan charges: Steering group calls for simple financial products

Simple products and services should be developed in the UK to enable consumers to quickly and easily understand loan claims and bank charges.

The government has set up an independent steering group into this issue, which has published recommendations into the sector, following consultations with industry bodies and members of the public.

It has called for simple-term life insurance policies, easy-access savings accounts, 30-day notice accounts and a "kite-mark" badge to ensure these products are easily identifiable to consumers and clients of financial bodies.

A spokesperson for consumer advocacy group Which? welcomed this announcement.

People should be able to know the bank charges and rates that will be imposed when they buy services, they added, pointing out this will allow Brits to "compare products more easily and get a fair deal".

"We look forward to seeing how the financial services industry responds and we will continue to work with them and the government," the representative stated.

Jennifer Haines
Jennifer's speciality knowledge is credit card changes and balance transfers.ADNFCR-2776-ID-801423081-ADNFCR

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