The group, chaired by Carol Sergeant, a former chief risk officer for Lloyds Banking Group, is tasked with creating a range of financial products to help consumers engage with the complex financial services market.
It hopes the new products will help people take responsibility for their finances and make better informed choices.
The first set of recommendations made by the Sergeant Review include an easy access savings account, a 30-day notice account and a simple term life insurance product.
A 'simple products' accreditation body would ensure these products meet core standards and an accompanying kite mark badge would ensure products are identifiable by consumers.

Other members of the seven-strong committee include Angela Knight, former chief executive of the British Bankers' Association, Otto Thoresen, chief executive of the Association of British Insurers and Peter Vicary-Smith, chief executive of Which? consumer group.
Responses are being taken until 12 October and a full report will be published in February 2013.
To view the recommendations, click here http://www.hm-treasury.gov.uk/fin_consumer_simple_products.htm