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.