Oral Answers to Questions

Baroness Morgan of Cotes Excerpts

Tuesday 22nd May 2018 Commons Chamber

[John Glen]

I am of course happy to look at that case. Following my appearance at the Treasury Select Committee, I asked my officials to look at the guidance on the website, as I am anxious not to put misleading advice on there. The LISA is available for long-term savings. That was the scheme’s objective when it was set up.

[Nicky Morgan (Loughborough) (Con)]

I am pleased the Minister just mentioned his appearance before the Select Committee, where we explored the issue of the 25% charge and the fact that a further 6% of capital can also be lost. Will he update us? He has talked to officials about looking at the website. Will he ensure that the Treasury website is fully compliant with Financial Conduct Authority rules applicable to firms in the private sector?

[John Glen]

I am taking this up further, but I am concerned not to put a misleading flat-rate percentage on there, given that most savers who make an unauthorised withdrawal will pay a different amount according to their circumstances.