Consumers deserve products that do what they say on the tin

11 August 2011

The Financial Services Consumer Panel has today launched its research on ‘straightforward outcome’ products to stimulate debate in the financial services industry and among key stakeholders.

The Panel believes that consumers should be able to access products that meet their needs by delivering a straightforward and expected outcome. 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, commented:

“The Panel wants to see consumers given access to products that do what they say on the tin. We hope that our research 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 PPI 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.”

Notes to editors

 

1. The Panel’s research on straightforward outcome products.
   
   
2. The Consumer Panel is a statutory body under the Financial Services and Markets Act 2000 and was initially established by the Financial Services Authority in December 1998. The Panel advises the FSA Board on the interests and concerns of consumers and reports on the FSA's performance in meeting its objectives.
   
   
3. The emphasis of the Panel's work is on activities that are regulated by the FSA, although it may also look at the impact on consumers of activities outside but related to the FSA's remit. More information about the Panel's work is available on our website.
   
   
4. From the 1st April 2011 there are fifteen members of the Panel as listed below. Panel members are appointed to serve a maximum of two terms of three years. Further information on individual members.
   
   

Adam Phillips (Chair)
Kay Blair (Vice Chair)
Stephen Crampton
Bill Martin
David Harker
Caroline Gardner
Pamela Meadows
Mike Dailly


Claire Whyley
Frances Harrison
David Metz
Lindsey Rogerson
Faith Reynolds
Dan Plant
Teresa Fritz