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Simple insurance products get steering group

FSA - Financial Services Authority

The government’s vision of a range of simple insurance products that can be easily understood by consumers has taken a step forward, with the formation of a new steering group.

 

According to research undertaken for the Financial Services Authority, 52% of people find it too complicated to compare one product against another and 46% don’t know if they are getting a good deal on a financial product.

 

However, the steering group, which comprises representatives from government and from trade and consumer organisations, will now consider how simple insurance products should be structured and brought to market, starting with life and income protection insurance.

Life insurance news: 25 October 2011