The Panel wants products to meet consumer needs by delivering a straightforward and expected outcome and has published research outlining how this could be achieved.
It claims that currently many consumers find choosing the right product a stressful and frequently unrewarding experience with product complexity a significant stumbling block.
Adam Phillips, chair of the Consumer Panel, said: “The Panel wants to see consumers given access to products that do what they say on the tin.
“We hope that our research today will encourage a debate within the industry, government and amongst consumers regarding the availability of products with straightforward outcomes.
“Following the banking crisis and the payment protection insurance debacle it is crucial to rebuild trust in financial services.
“We think that the ability to buy products that have straightforward objectives and which deliver clearly defined results will help to do this.
“Our research has set out likely criteria for product types and analysed existing products that might meet their promises.
“In the future we look to the development of a range of straightforward outcome products which depending on the individual consumer could either be sold execution only or through an advice process.”
