Asked by: Andrew Bridgen (Independent - North West Leicestershire)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, if he will take steps to ensure that consumers are given the choice to receive bills, statements and other important information on paper from their financial service providers without charge.
Answered by Harriett Baldwin
The Government takes the firm view that consumers must be able to easily access clear and transparent information about their accounts with banks and other financial service companies.
The Government is continuing to drive forward a wide-reaching and ambitious programme of reforms to open up competition in the banking sector, including enabling innovation in the use of bank data so that customers are able to use online information more effectively. This includes initiatives like the Midata current account tool, which will help customers switch to the best current account for them.
The Financial Conduct Authority is also currently reviewing cost-cutting initiatives that affect a significant number of customers, including the withdrawal of paper statements.