The financial services industry needs to do more to ensure that products are easily understood by customers, the managing director of Age UK Enterprises has said.
Richard Walsh assesses what the Simple Product framework may bring.
The Association of British Insurers, the British Bankers' Association and the Building Societies Association have announced the ‘simple product' framework has been approved by the Trading Standards Institute (TSI).
Reliance Mutual has announced the launch of ‘There', an online brand which offers a combination of income protection and life cover.
SunLife has launched a Family Life Insurance product, promising simplicity and an intermediary product to follow.
The introduction of simple protection products is being hampered by divisions among providers, writes John Letizia.
The financial services industry needs a simplified regime within which it can "talk the consumer language", in order to attract people shut out by the retreat of bank advice, BlackRock has suggested.
The number of customers using the Money Advice Service (MAS) is up 62% from 1.2 million in 2011/12 to 2.1 million in 2012/13, according to full-year results released today.
A direct-to-consumer online protection provider has responded to criticism that its critical illness cover is too basic, by stressing that the product will continue to develop as its simple online processes evolve.
I once had a bet with a press officer that I could get the term "viatical settlement" into a press release. I did have some insider information and won my bet. I wish I could have lost a similar bet on this article.
The Money Advice Service (MAS) has put an increased emphasis on 'budgeting' in its Business Plan 2013/14 released today.
The Money Advice Service (MAS) is set to experience more change with its chairman's three-year term coming to an end in September.
The excessive complexity of many financial products has dogged the financial services industry for as long as anyone can remember. I hope the publication of Carol Sergeant's Review of Simple Financial Products proves to be a watershed for the industry...
The simple products report could be the catalyst of a "clear blue water" reputation for income protection, despite its exclusion from the first phase of products, Unum has said.
Simple income replacement proposals in the Sergeant review have not made the first set of products, with whole-of-life set to be included next.
Advisory businesses will see a marked reduction in the amount they contribute to the Money Advice Service (MAS) in 2013/14 if proposed changes to the way it is funded are approved.
Product innovation is a term I continue to hear regarding income protection (IP). What do we need to do as an industry to engage the millions of people with a pressing need and ensure IP sales gather pace?
Carol Sergeant has suggested the proposed income replacement product will not be included in the first phase of the proposed simple products, the Income Protection Task Force (IPTF) has stated following a meeting with the review's chair.
Income protection needs to strip out the state benefits element if the product is to move upwards, a consultancy firm has stated.
The Income Protection Task Force has planned to launch a consumer charter as part of a three-point plan for income protection.
So we heard from British Friendly recently that income protection (IP) sales are not benefiting from the gender change opportunity. Advisers have reported similar, but that life is tracking the opposite trend.
Simple products, commission removal on protection and universal applications were on the agenda yesterday in a Cover Forum panel debate.
Establishing a clear income replacement proposition in time for February's final Review of Simple Financial Products could be "unlikely", Swiss Re has said.
Unum is optimistic the Money Advice Service (MAS) will still be a strong contender to distribute the recent steering group-proposed simple products, despite recent troubles.