Industry updates on simple products: BBA, the Association of British Insurers (ABI) and the Building Societies Association have written to Treasury with an update on their progress towards implementing a simple products accreditation framework. This should be achieved by the end of 2014. The associations have chosen the Trading Standards Institute's (TSI) Consumer Codes Approval Scheme as the best option to develop the accreditation process. TSI's approach will involve producing a code suitable for simple products and monitoring delivery against standards. ABI has also already started work on a potential income replacement product, which will be consulted on in April. (Source: Simple Financial Products