CARMICHAEL BACKS CALLS FOR SIMPLER FINANCIAL PRODUCTS  

CARMICHAEL BACKS CALLS FOR SIMPLER FINANCIAL PRODUCTSOrkney and Shetland MP Alistair Carmichael is backing calls for banks to simplify financial products to help prevent people from being ripped off. Mr Carmichael was speaking this week after Highland Liberal Democrat John Thurso tabled a Parliamentary motion calling for the introduction of minimum standards for financial products to protect customers from mis-selling.  MP’s have been working with the consumer rights organisation Which? and experts in the financial sector to look at ways to improve the range of financial products on the market. The idea of introducing minimum standards is being discussed as a way to change the products on offer and prevent consumers from getting ripped off in the future. It is already the case with car insurance that there are minimum standards in place, which makes it easy for consumers to compare prices...