Simple products 'need baseline standards and govt approval'

These should be twinned with the publishing of complaints and claims statistics and incentives to encourage people to take out personal protection, Steve Divine believes. In his personal response to the Treasury discussion paper on simplified financial products which closed today, Devine applauded the government's ideas. However, he cautioned these should not come at the expense of innovation, while suggesting strict regulation in the wake of payment protection insurance (PPI) problems could suffocate its plans. "There is absolutely no benefit in all products being the same and the...