Sergeant Review of Simple Financial Products recommends BSI

Press statement: 13th March 2013

"BSI welcomes the recommendations of the Sergeant Review, seeking to enhance consumer understanding and confidence in financial products through the establishment of robust standards and a recognisable mark that builds upon the key principles of the Simple Financial Products work.

Today’s financial market is a complex one in terms of the range and features of financial products available to the consumer on the high-street or online. A range of simple and easy-to-understand products that consumers can rely on and trust - based upon robust standards and a recognised badge - will ultimately facilitate and encourage more consumers to enter the market with confidence. This will mean financial products where straightforward language, presentation, product features and clear information for the customer are at the fore.

We at BSI are pleased to have been recognised within the Review.  Should these recommendations be accepted, we look forward to:

• taking a consensus-based approach with industry bodies and consumer organisations to write a Simple Financial Products standard based upon the good work already done by the steering group
• working with industry to develop a certification scheme and corresponding Simple Financial Products badge to instil confidence into consumers that financial products adhere to the standards

We are delighted that the Sergeant Review acknowledges our customer recognition, impartiality and experience of working with industry to develop standards that set best practice. We look forward to taking the next steps towards helping encourage greater consumer trust in and engagement with financial products by contributing to the good governance of the sector."