Industry and the FSA must create a summary box for every financial service products within the next six months to meet new 'guidelines' set out by the Treasury Select Committee.
Latest report by the TSC, entitled 'Restoring confidence in long-term savings', suggests improving product information is essential if consumer confidence in the UK is ever going to be restored. Challenging both the industry and the regulator, the Committee urges them to develop a "simple standardised Summary Box" within the next six months, which should be short enough to be able to be displayed within most marketing material. Even though firms have six months to design the summary box, TSC members want feedback on the issue even earlier than that. "We would like all the parties to r...
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