Banks and insurers urged to create 'simple' products

The government has asked finance companies to develop less complicated products to encourage savers. Photograph: Philip Brittan/Alamy

The government is urging financial services companies to offer a set of simple financial products to customers to encourage more people to save.

A report commissioned by the Treasury has outlined four accounts and policies that should be offered and standards they should meet before being put on the market. The products will be reviewed by the British Standards Institution and those that qualify will be given a kitemark showing they meet the standards on simplicity.

A steering committee led by Carol Sergeant, a former chief risk officer at Lloyds Banking Group, was asked to look at the implementation of simple products after concerns consumers were being deterred from saving by the complexity of products on offer.

It spoke to groups representing banks, building societies and insurers, and has outlined products which the industry has indicated it will be willing to offer. The Treasury will review the marketplace in 12 months to see whether providers are making the accounts available.

The first set of simple financial products will be an easy access savings account, a 30-day notice savings account, a regular savings account, and a fixed-term life insurance product, typically the type taken out with a mortgage.

Under the proposals, the savings would have low minimum investment levels – just £1 for the instant access and notice accounts – and there would be limited restrictions on withdrawals and access.

Information on the products will be "straightforward and consistent" and the key terms and conditions will be the same for each product, making them easy to understand and compare.

The next product available should be a whole-of-life insurance policy, and the Association of British Insurers has been asked to look at how an income replacement policy could be added to the list.

Sergeant said: "We have known for a long time that being able to manage your finances effectively leads to increased well-being and a better quality of life, at every given level of income.

"I hope the simple financial products initiative will make it easier for people to understand and compare the key financial products they need and make good choices with confidence."

The economic secretary to the Treasury, Sajid Javid, said: "The challenge now is to ensure that the work that has gone into the Sergeant review is transformed into tangible changes for consumers, and I look forward to discussing progress made with the industry and consumer groups next year."

Richard Lloyd, executive director of consumer group Which?, welcomed the proposals. "Consumers should not have to tackle pages of terms and conditions and they should be told clearly what rates and charges apply, so they can shop around more easily and get a fair deal," he said. "We now look to the financial services industry to deliver on these proposals."

The head of the Building Societies Association, Adrian Coles, said his members had been pleased to take part in the review of the market but pointed out that there are other deterrents to saving.

"We understand that the current economic climate is challenging for savers and that squeezed household budgets coupled with lower interest rates are currently a disincentive to saving," he said. "Nevertheless, the report makes some helpful proposals."

Previous initiatives to simply financial products have fallen by the wayside. Sergeant said the lessons learned from past attempts had informed the report.

"It is clear that successful products need to be affordable for consumers as well as commercially viable; meet real consumer needs; be straightforward to understand, compare and manage ; and be supported by a wide group of key stakeholders," she said. "Over 50 organisations have been involved in putting today's recommendations forward, and we have the full support of consumer bodies for these products and the commitment of the banks and insurance companies to deliver them."

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Google Launches Google+ Pages – Create For Your Business or Sell to Your Clients

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How to Create a Resume For the Travel & Tourism Industry

and tourism industry is booming and jobs and positions are available and are fun and surprisingly, pay very well. So, it is no surprise that securing a position in this industry can be rather difficult. The competition is fierce and a lot of people want the job.

To get a job in this industry, it is imperative to get ahead of the competition. Being passive and unmindful will leave you hoping in futility. Aside from improving your qualifications by educating yourself and getting certifications, you must know how to impress the potential employer with your resume. The resume will usually bring out first impressions. And when applying for a job, especially in travel and tourism, first impression is vital.

It is important to know the general likings of employers in the industry. You will base your resume making on this knowledge. Think of resume as an advertising information sheet. The goal is to generate appeal and professionalism.

When creating a resume, the key is highlighting the most relevant details. This is why you should know every company's preference when it comes to hiring applicants. In general, travel and tourism employers want someone with substantial people and organizing skills. They will also base hiring decisions on whether or not you have previous experiences in the industry and of course, relevant training and certifications as well.

If you are trying to break into the industry without any experience, consider using a functional or combination resume. That way, you can put the emphasis on your transferable skills and other applicable expertise you have. However, if you have vast experience in travel and tourism to date, the best format for you to use is a chronological resume.

List your previous accomplishments but don't make a laundry list of everything you've ever done. It is better to pick a few positions that are pertinent to your potential employer's liking. For instance, in your past work, put emphasis in the situations in which you helped solved a problem using your people and speaking skills. In your resume, state the accomplishments that draw attention to your ability to organize and manage difficult circumstances.

If possible, use numbers that can quantify your skills and feats. For example, write something like, 'An increase of 40% buyer turn out has resulted by implementation of sales pitch and promotional campaign that I helped develop.' Doing this, shows that you're results-oriented.

Create a section where you can put your other skills. The travel and tourism industry is a broad field, and the range of professional positions is extensive: receptionists, tour guides, hotel managers, convention planners, travel agents, accountants, and much more. You'll never know which skills can help you land a job. These kinds of skills could be good interpersonal skills, exceptional dependability or the ability to operate office machines such as copiers, fax machines and computers.

An impressive educational background should be exhibited if you have one but a college education is not always necessary If you have finished a number of relevant courses and acquired certifications, put them in your resume. You will give an impression that you are giving an effort to improve yourself. Thus, showing that you dependable and trainable.