One last point on the review – there are four full pages on governance and accreditation. There is not one on marketing or distribution.
I hope that the slight relaxation away from standard Ts & Cs will lead to the idea being dropped in favour of an approach where providers compete but have to meet a robust set of customer-friendly criteria to gain the kitemark. This, I am sure, is the only way forward. It will encourage them to design competitive products and to sell them. It will not be easy.
Clive Waller is managing director of CWC Research
Key points
– The term “simple financial products” is arguably an oxymoron.
– There may be a need for a simple savings product; there is no need for a simple life product, but there certainly is a need for a simple income protection product.
– There are four full pages on governance and accreditation, but there is not one on marketing or distribution.
