Financial Services Consumer Panel calls for simpler products
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The Financial Services Consumer Panel has called for more straightforward financial products.
The demand follows a round table on the Consumer Panel’s fairness research which revealed a consumer perception that financial services compared poorly to the retail sector.
Consumers considered financial services less fair, insufficiently competitive and less accessible.
The research found complex products, which include some insurance products, or those with disproportionate charges, such as store cards, particularly unfair.
Participants at the round table also highlighted concern over the way banks hide behind phones and documents instead of offering face to face contact, and penalise loyalty in contrast to other sectors.
Kay Blair, vice chair of the Consumer Panel, says: “We organised the round table to debate the outcomes of our research with an expert audience as we are very concerned by some of the findings. In particular it is worrying that consumers perceive financial services as getting less fair. There is a need for more straightforward financial products to allow consumers to exercise choice.
“Consumers rightly regard financial services as an essential part of life. The industry needs to do more to increase transparency, giving customers clear and meaningful information, so that they see an improvement in standards of customer service and greater ability to compare products.”
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