On 20 October 2011, Mark Hobson, the Financial Secretary to the Treasury, announced the establishment of a new steering group whose aim is to develop a new, simple suite of financial products to help consumers navigate the financial services market. The group plans to report back to Mr Hobson by July 2012, setting out proposals on how to structure and market such products to ensure that consumers get the best deal.

Carol Sergeant (former Chief Risk Officer, Lloyds Banking Group) will head the group, which contains representatives from the Government, industry, and trade and consumer bodies.

Responses to a Government consultation (found here) on simple products suggest that the group will initially look at deposit savings and protection insurance products, moving to investment products in the longer-term.