Submitted on Tuesday 9th August 2016
Rejected on Friday 26th August 2016
Current status: Rejected
Rejection code: irrelevant (see below for details)
Make the financial services industry use a simple colour coded guide to charges
The UK financial services industry uses a complex statistical formula to illustrate it's charges on investment products. Few consumers understand the devastating impact of high charges on their investments and can't therefore make an informed choice when deciding who to trust with their money.
The impact of a 3% per annum charge on a £10,000 investment over 36 years will reduce the potential return (based on equity returns at 6% per annum) from £81,000 to £29,000. This means that the risk & reward dynamic between the consumer and the industry is asymmetric and favours the industry. As simple colour coded (Green, Amber, Red) system would allow any consumer to question the advice they are being given or the decision they are about to make.
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The Government e-Petitions Team gave the following reason:
The financial services industry in the UK is regulated by the Financial Conduct Authority, which is independent of the UK Government and Parliament. The Government has no responsibility for operational decisions of the FCA.
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