Financial Services

Treasury written question – answered on 9th September 2013.

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Photo of Alun Cairns Alun Cairns Conservative, Vale of Glamorgan

To ask the Chancellor of the Exchequer what plans he has to extend the review of simplified financial products to investment vehicles.

Photo of Sajid Javid Sajid Javid The Economic Secretary to the Treasury

In 2010, the Government consulted on ideas for a new suite of simple financial products, including a proposal that deposit savings and protection products should be the initial areas of focus. The majority of respondents agreed with this approach. The Government appointed Carol Sergeant to chair a Steering Group which focused on these products. Her final report was published in March 2013.

There are no current Government plans to extend this initiative to investment vehicles. However, Government welcomes industry to apply the fundamental principles of the Simple Products initiative, such as clarity and transparency, to a broader product range.

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