Simple income replacement proposals in the Sergeant review have not made the first set of products, with whole-of-life set to be included next.
The final report, commissioned by the Treasury, states that the first set of simple financial products developed will be a fixed term life insurance product, an easy access savings account, a 30-day notice savings account and a regular savings account.
The report states that a whole-of-life insurance product should be the next product on the agenda, while the Association of British Insurers will report back in six months after leading further work on simple income replacement product proposals.
The report added that a badge will be created and awarded, in the form of a British Standards Institution (BSI) kitemark, to qualifying products through an accreditation process.
The report's other recommendations are; all simple financial products will comply with an agreed set of high-level principles; any language used will be straightforward and consistent and all key terms and conditions will be the same; and credit unions will be invited to develop credit union-specific simple financial products.
Sajid Javid, economic secretary to the Treasury, said: "People need to be able to manage their everyday finances with confidence and ease. The products outlined in this report represent a milestone towards achieving this, and I am impressed with the way that such a diverse group of organisations has worked together to develop them.
"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."
Carol Sergeant, chair of the Steering Group, said the report recommendations had the full support of consumer and industry representatives, government, the FSA and the Money Advice Service.
Otto Thoresen, director general of the Association of British Insurers (ABI), said: "We believe that the simple products initiative is an important step towards encouraging more consumers to have the confidence to make financial decisions and purchase products which meet their basic needs."
He added the report was consistent with initiatives already underway within the industry to improve transparency and the recommendations now needed to become a reality.
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 that 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. It is now really important to make the recommendations a reality."
The BSI will be responsible for setting product standards, licensing the use of the simple financial products brand and monitoring adherence to the product standards and specifications.
The report states the next steps will be for trade associations represented on the steering group to working closely with the BSI and regulators and the Money Advice Service providing support and guidance about simple financial products when it becomes available.
HM Treasury will organise a progress review of simple financial products in twelve months.
The group, chaired by Carol Sergeant, was set up by government to look at how financial products such as savings accounts and life insurance products could be simplified.
The final report follows consultation with a wide range of consumer groups and industry representatives.
