The Treasury has created a steering group tasked with developing a range of simple financial products.
Chaired by former Lloyds Banking Group chief risk officer Carol Sergeant and including representatives from Government, industry and trade and consumer bodies, the group will devise a suite of simple products to help consumers save for the long-term.
It will report back to financial secretary to the Treasury Mark Hoban by July 2012, setting out how to bring the products to market and how they will be structured and marketed to ensure consumers get the bet deal.
Responses to a Government consultation on simple products, published today, suggest the group should initially focus on simple deposit savings and protection insurance products.
Other areas likely to be considered include investment products to help consumers save for the long-term.
"Simple financial products have the potential to help many consumers make decisions that will help them save for the first time and plan for a secure financial future for them and their families," said Hoban (pictured).
Sergeant said: "Simple, easy to understand products need to be a viable commercial proposition for the industry, while offering consumers a straightforward benchmark that gives them the confidence to make good decisions in an often bewilderingly complicated market place."
£92bn transferred since 2015
Achievements, charity work and other happy snippets
Since first announcement