Government response to the Treasury Select Committee's report Restoring confidence in long-term savings suggest the "summary box" and "traffic light" approaches to improving consumer understanding and confidence have got the thumbs-up.
John McFall, chairman of the Committee, says the response shows the government is keen to see results of industry and regulator work on the Summary Box, which the TSC has suggested be included on all marketing material for long-term savings products. There is also support for the Committee’s push for industry and the FSA to work together “on developing a standardised form of risk rating for financial products.” McFall says there is also government support for the “forum” proposed by the Committee to “focus on how the industry can better serve its customers” The IMA and ABI have joi...
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