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‘Fair deal’ finance promise from banks on savings accounts

by souhaib
September 29, 2020
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‘Fair deal’ finance promise from banks on savings accounts and life insurance policies

By Sam Dunn for the Daily Mail

Published: 11:00 BST, 8 August 2012 | Updated: 16:01 BST, 16 August 2012

Kitemarks: The Government is desperate to rebuild trust in financial services sector

Banks will soon sell ‘safety-approved’ savings accounts and life insurance policies that promise not to rip off customers.

In a bid to restore trust between the public and a tarnished banking industry, the Treasury is introducing a ‘kitemark’ badge of quality for simple financial products – acting as proof of no hidden charges, dodgy terms and conditions, or sneaky bonus interest rates that later disappear.

The Government is desperate to rebuild trust in the financial services sector after years of mis-selling scandals.

It wants consumers to be able to make basic financial arrangements without fear of being ripped off.

 

Savings accounts with complex tiered rates of interest or tempting introductory bonuses will not qualify for the new safety kitemark.

A spokesman for consumer group Which? says: ‘We want to see clearer, concise and jargon-free information so that consumers can compare products more easily, and get a fair deal.’

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