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Financial Services (Cat Standard)

Volume 406: debated on Wednesday 11 June 2003

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To ask the Chancellor of the Exchequer (1) what steps the Government is taking to raise awareness amongst the public of the CAT standard for financial services products; [118174](2) how he plans to encourage the take-up of the CAT standard in the mortgage industry. [118175]

CAT standards are designed to identify a range of straightforward savings and mortgage products that are simple, clear and fair so that savers and borrowers should feel confident about choosing them. But the promotion of products is ordinarily a matter for individual firms.Nevertheless, the Government and the FSA make appropriate references to CAT standards whenever they can. For example, the FSA explain CAT standards in their ISA and mortgage literature, and show whether an ISA or mortgage meets the standard in the relevant comparative tables to be found on its website.