Advertisement

Traffic light system for insurance and financial products

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).

Comment on this page »

Features

Latest news

Health For You has been launched

Mr Olarinde is now able to perform an endoscopic examination of the throat

To bleed or not to bleed? That is the question!

Traffic light system for insurance and financial products
Advertisement
Advertisement
Connect with us on:

This site compiles with the HONcode standard for trustworthy health information