Product summary boxes along with a "traffic light" product risk assessment system are two of the proposals which are now expected to be presented by the Treasury Select Committee, to tackle consumer confidence in long-term savings.
Although it could be some time before the report is actually delivered, the pattern of questioning and information over the last four weeks now suggests the TSC has already decided what it would like the financial services industry to do to improve take-up of financial products, regardless of feedback from sessions suggesting some of the TSC’s ideas are simply not possible to implement. Even though many guests in front of the panel clearly set out why they believe the development of a standardised ‘traffic light’ red, amber and green risk assessment system would NOT work, MPs appear to b...
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