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Traffic light system for insurance and financial products

traffic light

The government is considering introducing a 'traffic light' system on the labelling of insurance and financial products, similar to that which has been introduced into food labelling.

 

The idea is that simplified labelling could help increase consumer understanding of financial products. Such requirement may be made compulsory if implemented.

 

While financial services and food are clearly very different classes of consumer products, there may be important lessons to be learned from food labelling for improving the transparency of financial products.

 

If given the go ahead, labels may be required to included details of the product's measures of compliance on a variety of different characteristics.

 

A traffic light system would let people know whether a product is risky (red), moderately safe or risky (amber) or safe (green). 

Health insurance: News update: 11/07/2009