Government calls for new “no frills” products for UK savers

Government says introducing new "no frills" products for UK consumers could encourage saving in 2011. Banks and insurance companies are being urged to encourage a "basic" range of saving products for UK consumers following a government consultation paper. The government has called for banks and insurance companies to introduce a new "basic" range of products and accounts for UK savers. The Treasury believes introducing a new range of "no frills" products which consumers can understand could encourage more saving in 2011. They believe there are currently too many products on the market for consumers to fully comprehend.