Moneynet.co.uk banking applauds 'simple products'

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Moneynet.co.uk banking applauds 'simple products'

Fri 16th Jul 2010

The simple products consultation being carried out by the government should produce a positive change, according to Moneynet.co.uk banking.

But spokesperson for the organisation Andrew Hagger suggested that much more needs to be done to improve the industry, with financial education needing to be compulsory.

In addition to this, he called for companies to change their mindsets and simplify the accounts they offer.

"The industry needs to move away from short-term best-buy initiatives to satisfy internal marketing targets and start putting itself in the customer's shoes," said Mr Hagger.

In his view, more investment needs to be channelled into efforts to provide tangible benefits for consumers and build lasting relationships with them.

Last week, he praised Lloyds TSB's Lend A Hand mortgage, describing it as an innovative product that could provide a new home finance solution for plenty of homeowners.

Mr Hagger suggested that the availability of this sort of arrangement could offer a boost for the property market in the UK.

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