MINIMUM STANDARDS FOR FINANCIAL PRODUCTS

That this House welcomes the product intervention powers proposed in the draft Financial Services Bill, which will allow the Financial Conduct Authority to remove financial products from the market where they pose a significant risk of detriment to consumers; agrees with Which? that the mis-selling of payment protection insurance to millions of consumers demonstrates that complicated and poorly designed financial products significantly disadvantage consumers; and calls on HM Treasury to ensure thatany legislative proposals the Government brings before the House can be used to set minimum standards for financial products, thereby ensuring the financial services industry develops a suite of simple, good value financial products designed to meet consumer needs.