The Consumers' Association of Ireland says it will introduce a kite mark for the Government's new Special Incentive Savings Scheme, in the absence of a statutory mark.
The CAI is assembling a team of investment and personal finance journalists to assist it in the process, and says it may also apply a star rating system for products introduced by financial institutions.
The association is asking all banks, building societies and life companies to complete its kite mark questionnaire. The CAI says the criteria for awarding a kite mark will be low costs, cast-iron guarantees on product margins, flexibility and transparency.
It adds that it is not convinced that any product already issued would satisfy the standard needed to make it good value for money and is advising consumers not to sign up to any product offering until after the scheme's starting date of May 1.
