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Personal Finance News
01/11/12
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Money advice in increasing demand, says study
31/10/12
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Payment barriers exist for disabled and older people, says study
31/10/12
-
Gender differences apparent when financial planning
31/10/12
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Half of Brits shop with a basic credit card, says study
30/10/12
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Number of Brits sitting on forgotten direct debits - 2.68 million
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This Week's Personal Finance News Update
01/11/12
-
Money advice in increasing demand, says study
31/10/12
-
Payment barriers exist for disabled and older people, says study
31/10/12
-
Gender differences apparent when financial planning
31/10/12
-
Half of Brits shop with a basic credit card, says study
30/10/12
-
Number of Brits sitting on forgotten direct debits - 2.68 million
30/10/12
-
More than half of parents are unaware of Junior ISAs
30/10/12
-
Over 80% of advisers name 'cost & administration' as top employer concern
30/10/12
-
Brits left with £1.4bn repair bill during 'mischief week'
29/10/12
-
East of England landlords at apex of yield chart
29/10/12
-
Buyers more optimistic about Scottish property market
News
02/08/2012 11:21:13
Treasury proposes more transparent savings plans
The Treasury wants greater transparency on savings plans to help consumers put more money aside.
It is hoped the move would also restore consumer faith in financial services, with savings providers encouraged to take a uniform approach to terms and conditions, the BBC reports.
While banks would have to use the same language to illustrate the terms of the plan, they would be able to compete on price, service and value, enabling savers to identify the best option for them.
Financial secretary to the Treasury Mark Hoban said: "The government is committed to putting the consumer back at the heart of the financial system.
"Simple financial products offer a unique opportunity to demonstrate that products can both be easy to understand and meet customers' most important financial needs."
Simple saving accounts would not feature bonuses, while clearer terms and conditions would prevent savers from being caught out by hidden clauses.
According to the BBC, a final report on the proposals will be published in February, so there is still some way to go before the idea gets off the ground.
