Asked by: Lord Kirkwood of Kirkhope (Liberal Democrat - Life peer)
Question to the HM Treasury:
To ask Her Majesty’s Government what research they have commissioned to identify the future needs of customers for financial services delivered (1) through digital channels, and (2) via physical premises.
Answered by Lord O'Neill of Gatley
Part of the government’s long term economic plan is to ensure that banks serve all sections of society. The government is committed to increasing competition to deliver innovation and good financial products and services for all customers.
The government launched an international FinTech benchmarking exercise to identify emerging areas of opportunity for FinTech in the UK in November 2015. This exercise is being carried out by Ernst & Young, and findings are due to be delivered in early 2016. The report will look at the future needs of customers for financial services delivered through digital channels.
The Government has not commissioned research to identify the future needs of customers for financial services delivered via physical premises. However the Government welcomed the industry-wide Access to Banking protocol announced in March 2015. Since May 2015, each participating bank has committed to carry out a number of steps if it is closing a branch, including the preparation of meaningful local impact assessments. There is a commitment to a review of the operation of the protocol after one year, and the government looks forward to the publication of its conclusions.
Asked by: Lord Kirkwood of Kirkhope (Liberal Democrat - Life peer)
Question to the HM Treasury:
To ask Her Majesty’s Government what steps they have taken towards establishing a UK-wide financial advice service.
Answered by Lord O'Neill of Gatley
The government set up the Money Advice Service in 2010 to enhance consumers’ understanding of their finances. Pension Wise was launched in April 2015 to help people with their defined contribution pensions. The Public Financial Guidance consultation is currently exploring how the current statutory arrangements for the provision of free and impartial financial guidance can be made more effective for consumers.
The Government also launched the Financial Advice Market Review, which aims to make sure that people can access high quality, affordable professional advice to help them make informed financial decisions. FAMR and the Public Financial Guidance Consultation will report back around Budget 2016.
Asked by: Lord Kirkwood of Kirkhope (Liberal Democrat - Life peer)
Question to the HM Treasury:
To ask Her Majesty’s Government how many families (1) with a disabled child, (2) where a parent has died, and (3) in problem debt, they estimate will be affected by limiting the child element of tax credits to the first two children.
Answered by Lord O'Neill of Gatley
The information requested is not readily available and could be provided only at disproportionate cost.
Asked by: Lord Kirkwood of Kirkhope (Liberal Democrat - Life peer)
Question to the HM Treasury:
To ask Her Majesty’s Government whether they plan to address United Kingdom household debt and to make domestic finances more sustainable.
Answered by Lord O'Neill of Gatley
The personal financial position of households is improving. Household debt as a proportion of income has fallen from a peak of 169 per cent in 2008 Q1 to 146 per cent in 2014 Q4, as households have reduced borrowing and repaid debt. The government has introduced a number of measures to support domestic finances including the New ISA, abolishing the starting rate of tax on savings income, NS&I pensioner bonds and now the Help to Buy ISA.