This petition was submitted during the 2015-2017 parliament
Rejected petition 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.
More details
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.
This petition was rejected
Why was this petition rejected?
It’s about something that the UK Government or Parliament is not directly responsible for.
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.
We only reject petitions that don’t meet the petition standards.