Treasury: First 'simple' products should be deposits and protection

The government has launched a consultation proposing an industry and consumer-led development of a new category of simple financial products, which would be non-advised. They should be similar in concept to the 'essentials' or 'basic' ranges offered in supermarkets, the government says. Products should not be subject to price-caps, and provision should be voluntary for providers, the consultation proposes. It will also consult on whether the principles behind the "RU64" rule in relation to stakeholder pensions could be transferred to the new simple products. This requires advise...