Life offices attending yesterday's Treasury Select Committee meeting have been "challenged" to cut the length and complexity of Key Features Documents and develop a "summary box" of a product's risks and rewards.
While giving evidence to the Treasury Select Committee on confidence in the long-term savings market, life office chief executives were challenged MPs to condense and simplify 20-page Key Features Documents into a “summary box” of information which includes the risks and rewards of any product. MPs James Plaskitt and TSC chairman John McFall asked witness from the life offices - Richard Harvey, ceo of Aviva and chairman of the ABI, David Prosser, ceo at L&G, Jonathan Bloomer, chief executive of Prudential and Sandy Crombie, ceo at Standard Life – whether it would be possible to try and ...
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