Save Our Savers calls for savings accounts that beat inflation
www.moneynews.co.uk > Banking > Save Our Savers calls for savings accounts that beat inflation
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Save Our Savers calls for savings accounts that beat inflation
Mon 20th Dec 2010
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Co-founder of the group Jason Riddle suggested this should be the first "simple" financial product the government encourages providers to introduce, since this would be likely to re-engage people with the idea of putting money aside for the future.
He applauded state plans to simplify propositions within the industry, but pointed out that the products must be competitive if they are going to be a success.
"The government quite rightly recognises that there are many financial products that are overly complex and not meeting consumers' needs," said Mr Riddle.
In his opinion, some of the features that should be scrapped are introductory bonuses, confusing small print and accounts with "strikingly similar names".
The government consultation began on December 14th 2010, with the aim being to make products more understandable.
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