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.
The first set of recommendations made by the group 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, 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.
Mark Hoban, financial secretary to the Treasury, said: "The Government is committed to putting the consumer back at the heart of the financial system, but we understand that restoring public trust in financial products is not an easy task at the moment.
"I am pleased to say that 'simple' financial products offer a unique opportunity to demonstrate that products can be both easy to understand and meet customers' most important financial needs."
A full set of recommendations are open for consultation until 12 October and a final report will be published in February 2013.