Life InsuranceAug 4 2014

Introducing the first product to receive ‘simple’ kitemark

twitter-iconfacebook-iconlinkedin-iconmail-iconprint-icon
Search supported by

Barclays has today (4 August) launched a fixed-term life insurance product underwritten by Aviva that is the first to receive the ‘simple’ kitemark originally defined in the Sergeant Review by the British Standards Institution.

Published in March, the review, which was undertaken by a steering group led by former Financial Services Authority managing director Carol Sergeant, recommended the introduction of a “simple financial products badge for qualifying products via a robust accreditation process”.

This would be applied to a range of new ‘simple’ products, including an easy access savings account, a 30-day notice savings account, a regular savings account, and a fixed-term life insurance product.

It also recommended the introduction of a new whole-of-life insurance product, but said there was a need for further consultation with the Association of British Insurers.

A set of nine principles guide the development and sale of these products, including their features, language and purchasing process, according to the BSI.

Carol Sergeant, chair of the Simple Products Steering Group, said: “Navigating the financial marketplace and making good choices with confidence remains a challenge.

“Just a year on from the conclusions of our review I’m delighted to see the first simple financial product independently certified and our recommendations become a reality, and there are several more Simple Financial Products in the pipeline.”

Howard Kerr, chief executive of BSI, said: “Last year’s Sergeant Review highlighted the need for transparent, easy to understand savings and protection products that the public can trust to meet their essential needs.

“The new BSI certification process - BSI Kitemark - gives consumers the confidence to make an informed and straightforward purchasing decision.”

Catherine McGrath, managing director at Barclays Personal Banking, said: “We know that customers want their bank to be upfront, clear and transparent. We are pleased to be able to offer the first certified product and see this as an important step forward for the industry.

“We are determined to drive simplicity across our product range.”