Commenting, Helen White the ABI's acting director of life and savings, said: "Everyone stands to benefit from a society that is financially protected through adequate insurance and savings. We support the Government's objectives of ensuring that people understand the financial products they need and helping people make better choices about the products they buy.
“Because different consumer groups have different needs, we need to progress a range of initiatives - from voluntary standards, to benchmark products, to a new range of simple products - in order to achieve this; a one-size-fits-all approach will not work.
“This goes hand-in-hand with the need to improve financial education so that people can confidently compare and understand products to ensure their specific needs are met. We look forward to continuing to work in partnership with the Government and consumer groups to progress this exciting initiative."
