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MSE News: Government demands "simple" savings products
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Former_MSE_Guy
Posts: 1,650 Forumite
This is the discussion thread for the following MSE News Story:
"The new coalition is worried that consumers are too often confronted by complex deals that discourage saving ..."
"The new coalition is worried that consumers are too often confronted by complex deals that discourage saving ..."
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Comments
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I sincerely hope this government is not going to copy its predecessor and go for cheap, gimmicks like this sounds.
There are many "simple" savings accounts available paying 0.5% or less. Personally, I prefer more interest, and if that involves something complex (like remembering to make a diary note of when a bonus runs out
), then give me complexity any time. 0 -
When you let education standards drop I suppose it is inevitable that retail products have to reflect that.
Rather than improve standards, its easier to lower them.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Couldn't agree more Duston and Sceptic. It's hard to get any simpler than the vast majority of savings accounts.Sig to go here...0
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Personally I am getting a bit sick of the bait and switch game. Is it even worth it for today's rates?0
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How about a kite mark for savings accounts...
...btw how many kite mark mortgages are there on the market at the moment?!I think....0 -
Does Mark Hoban have a clue what he is talking about ?Financial Secretary to the Treasury Mark Hoban said today that the Government plans to ensure new products are more attractive to consumers.
The news comes after the Treasury Committee announced plans yesterday to hold a major inquiry on competition and choice in the banking sector in light of the effects of the financial crisis.
There is so much competition in the savings market at the moment, it's enough to make your head spin. With each institution trying make it's products look different from the other institutions, there is a plethora of different products.
"Simple savings" , in my book, means "No competition".
It sounds to me that Mark Hoben is about as financially savvy as a pet poodle. Will someone please spare us from meddling politicians who just don't seem to understand the subject of their brief.
If, however, he can get FPS implemented in all banks, he would really be doing savers a favour.
Warning: In the kingdom of the blind, the one-eyed man is king.
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Personally I am getting a bit sick of the bait and switch game. Is it even worth it for today's rates?
What savings rates do you think might be on offer if there was no "bait and switch game" ?
If you're sick of the "game" then go for a straight and simple 01% AER savings account then you'll never need to worry about rates plunging.Warning: In the kingdom of the blind, the one-eyed man is king.
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