Asked by: Anna Sabine (Liberal Democrat - Frome and East Somerset)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will take steps to ensure that online retailers act on the requests of parents of deceased children regarding online (a) accounts and (b) payments.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
In recent years banks and building societies have sought to make the bereavement process easier by increasing the amount they will release without needing a grant of probate. As such the threshold varies between different firms. The nominal threshold in legislation is to require probate to be obtained for estates above £5000 in value (The Administration of Estates (Small Payments) Act 1965), although in practice many financial institutions operate a threshold of £20,000. Banks also differ on issues such as whether they are willing to release funds for funeral and other essential expenses ahead of probate being granted. These are commercial decisions.
Where a bank or building society offers Direct Debits, these are covered by the Direct Debit guarantee. Under the guarantee, the account holder is entitled to an immediate refund of any unauthorised amounts collected from their account provider. Details of the guarantee can be found here: https://www.directdebit.co.uk/direct-debit-guarantee/
The Government is also supportive of previous industry efforts to improve handling of these sensitive cases, including the Financial Services Death Notification Service developed by UK Finance.
UK banks and building societies are regulated by the Financial Conduct Authority (FCA). The FCA does not have specific rules or guidance regarding probate in its rules. Nonetheless, banks are bound by the FCA’s Consumer Duty which requires firms to act to deliver good outcomes and avoid causing harm to customers. The FCA also provides guidance on firms providing fair treatment for vulnerable customers, which includes those going through a bereavement. If an executor is having a dispute with a bank, then they will be able to raise a formal complaint. The FCA’s rules require firms to properly investigate all complaints, and it continues to monitor firms’ complaint handling processes.
The main current account providers also publish information about the additional services they offer all consumers, including information on the bereavement services they offer. More information can be found on the FCA website: https://www.fca.org.uk/data/mandated-voluntary-information-current-account-services/providers-links#voluntary
Asked by: Anna Sabine (Liberal Democrat - Frome and East Somerset)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will take steps to ensure that parents of deceased children can access bank accounts without probate.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
In recent years banks and building societies have sought to make the bereavement process easier by increasing the amount they will release without needing a grant of probate. As such the threshold varies between different firms. The nominal threshold in legislation is to require probate to be obtained for estates above £5000 in value (The Administration of Estates (Small Payments) Act 1965), although in practice many financial institutions operate a threshold of £20,000. Banks also differ on issues such as whether they are willing to release funds for funeral and other essential expenses ahead of probate being granted. These are commercial decisions.
Where a bank or building society offers Direct Debits, these are covered by the Direct Debit guarantee. Under the guarantee, the account holder is entitled to an immediate refund of any unauthorised amounts collected from their account provider. Details of the guarantee can be found here: https://www.directdebit.co.uk/direct-debit-guarantee/
The Government is also supportive of previous industry efforts to improve handling of these sensitive cases, including the Financial Services Death Notification Service developed by UK Finance.
UK banks and building societies are regulated by the Financial Conduct Authority (FCA). The FCA does not have specific rules or guidance regarding probate in its rules. Nonetheless, banks are bound by the FCA’s Consumer Duty which requires firms to act to deliver good outcomes and avoid causing harm to customers. The FCA also provides guidance on firms providing fair treatment for vulnerable customers, which includes those going through a bereavement. If an executor is having a dispute with a bank, then they will be able to raise a formal complaint. The FCA’s rules require firms to properly investigate all complaints, and it continues to monitor firms’ complaint handling processes.
The main current account providers also publish information about the additional services they offer all consumers, including information on the bereavement services they offer. More information can be found on the FCA website: https://www.fca.org.uk/data/mandated-voluntary-information-current-account-services/providers-links#voluntary
Asked by: Anna Sabine (Liberal Democrat - Frome and East Somerset)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of taxing wine according to strength on wine (a) producers and (b) vendors.
Answered by James Murray - Chief Secretary to the Treasury
At Autumn Budget, the Chancellor confirmed that the current temporary wine easement will end as planned from 1 February 2025. By this time, the wine industry will have had over two years to adapt to the strength-based alcohol duty system. The summary of impacts from the alcohol duty reforms announced at Spring Budget 2023, including the wine easement, can be found here: Alcohol Duty Reforms - GOV.UK
HMRC plans to evaluate the impact of the new rates and structures three years after the changes took effect on 1 August 2023. The Government welcomes evidence from industry on the impact of the changes so far.
Asked by: Anna Sabine (Liberal Democrat - Frome and East Somerset)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential merits of putting a cap on insurance costs for small businesses.
Answered by Tulip Siddiq
Insurers make commercial decisions about the terms on which they will offer cover following an assessment of the relevant risks. This is usually informed by the insurer’s claims experience and other industry-wide statistics. The Government does not usually intervene in these decisions by insurers, as this could damage competition in the market.
The Government is committed to ensuring that insurers treat all customers fairly and insurance companies are required to do so under the Financial Conduct Authority’s (FCA) rules. The FCA is the independent body responsible for regulating and supervising the financial services industry.
The FCA requires firms to ensure their products offer fair value. The FCA monitors firms to make sure they provide products that are fair value, and, where necessary, it will take action.
Asked by: Anna Sabine (Liberal Democrat - Frome and East Somerset)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential implications for her policies of trends in the cost of insurance.
Answered by Tulip Siddiq
Insurers make commercial decisions about the terms on which they will offer cover following an assessment of the relevant risks. This is usually informed by the insurer’s claims experience and other industry-wide statistics. The Government does not usually intervene in these decisions by insurers, as this could damage competition in the market.
The Government is committed to ensuring that insurers treat all customers fairly and insurance companies are required to do so under the Financial Conduct Authority’s (FCA) rules. The FCA is the independent body responsible for regulating and supervising the financial services industry.
The FCA requires firms to ensure their products offer fair value. The FCA monitors firms to make sure they provide products that are fair value, and, where necessary, it will take action.