Asked by: Joe Morris (Labour - Hexham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps the Department is taking to improve access to financial services for vulnerable customers in the Hexham constituency.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Government works closely with the Financial Conduct Authority (FCA), the independent regulator of the UK’s financial services sector, to ensure that all customers get the right support with their financial products and services.
FCA guidance highlights the actions firms should take to understand the needs of customers who may be vulnerable and to consider these needs appropriately. This includes offering multiple channels of communication to their customers where possible, and ensuring their services meet the needs of all their customers, including individuals with characteristics of vulnerability.
The FCA’s Consumer Duty also seeks to raise the standard of care expected from firms for all customers. It aims to deliver products and services that offer fair value and are designed to meet customers’ needs and seeks to increase firms’ focus on delivering good outcomes and preventing harm.
The Government is committed to continuing to engage with the FCA and the financial services sector to ensure consumers can access appropriate financial services products. As part of this, I have recently published the Government’s Financial Inclusion Strategy which sets out an ambitious programme of measures to improve financial inclusion and resilience for underserved groups across the UK.
Asked by: Joe Morris (Labour - Hexham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps the Department is taking to improve access to financial services for vulnerable customers in Northumberland.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Government works closely with the Financial Conduct Authority (FCA), the independent regulator of the UK’s financial services sector, to ensure that all customers get the right support with their financial products and services.
FCA guidance highlights the actions firms should take to understand the needs of customers who may be vulnerable and to consider these needs appropriately. This includes offering multiple channels of communication to their customers where possible, and ensuring their services meet the needs of all their customers, including individuals with characteristics of vulnerability.
The FCA’s Consumer Duty also seeks to raise the standard of care expected from firms for all customers. It aims to deliver products and services that offer fair value and are designed to meet customers’ needs and seeks to increase firms’ focus on delivering good outcomes and preventing harm.
The Government is committed to continuing to engage with the FCA and the financial services sector to ensure consumers can access appropriate financial services products. As part of this, I have recently published the Government’s Financial Inclusion Strategy which sets out an ambitious programme of measures to improve financial inclusion and resilience for underserved groups across the UK.
Asked by: Joe Morris (Labour - Hexham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps the Department is taking to improve access to financial services for vulnerable customers in the North East.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Government works closely with the Financial Conduct Authority (FCA), the independent regulator of the UK’s financial services sector, to ensure that all customers get the right support with their financial products and services.
FCA guidance highlights the actions firms should take to understand the needs of customers who may be vulnerable and to consider these needs appropriately. This includes offering multiple channels of communication to their customers where possible, and ensuring their services meet the needs of all their customers, including individuals with characteristics of vulnerability.
The FCA’s Consumer Duty also seeks to raise the standard of care expected from firms for all customers. It aims to deliver products and services that offer fair value and are designed to meet customers’ needs and seeks to increase firms’ focus on delivering good outcomes and preventing harm.
The Government is committed to continuing to engage with the FCA and the financial services sector to ensure consumers can access appropriate financial services products. As part of this, I have recently published the Government’s Financial Inclusion Strategy which sets out an ambitious programme of measures to improve financial inclusion and resilience for underserved groups across the UK.
Asked by: Joe Morris (Labour - Hexham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what discussions the Department has had with relevant stakeholders in Northumberland to identify areas of financial exclusion in the region.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
Earlier this month, I published the Government’s Financial Inclusion Strategy which sets out an ambitious programme of measures to improve financial inclusion and resilience for underserved groups across the UK. The strategy was developed alongside a committee of industry and consumer representatives, and the Government has engaged extensively on this agenda to ensure the strategy is informed by a wide range of perspectives, including lived experience.
Action to improve financial inclusion requires a joined up approach. The Government is committed to continuing to work collaboratively with a range of organisations to deliver on the strategy and improve financial inclusion across the UK.
Asked by: Joe Morris (Labour - Hexham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what discussions the Department has had with relevant stakeholders in Hexham constituency to identify areas of financial exclusion in the region.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
Earlier this month, I published the Government’s Financial Inclusion Strategy which sets out an ambitious programme of measures to improve financial inclusion and resilience for underserved groups across the UK. The strategy was developed alongside a committee of industry and consumer representatives, and the Government has engaged extensively on this agenda to ensure the strategy is informed by a wide range of perspectives, including lived experience.
Action to improve financial inclusion requires a joined up approach. The Government is committed to continuing to work collaboratively with a range of organisations to deliver on the strategy and improve financial inclusion across the UK.
Asked by: Joe Morris (Labour - Hexham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what discussions the Department has had with relevant stakeholders in the North East to identify areas of financial exclusion in the region.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
Earlier this month, I published the Government’s Financial Inclusion Strategy which sets out an ambitious programme of measures to improve financial inclusion and resilience for underserved groups across the UK. The strategy was developed alongside a committee of industry and consumer representatives, and the Government has engaged extensively on this agenda to ensure the strategy is informed by a wide range of perspectives, including lived experience.
Action to improve financial inclusion requires a joined up approach. The Government is committed to continuing to work collaboratively with a range of organisations to deliver on the strategy and improve financial inclusion across the UK.
Asked by: Joe Morris (Labour - Hexham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps she is taking to ensure that all aspects of the financial services sector are provided opportunities to contribute the delivery of the Financial Inclusion Strategy.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The development of the Financial Inclusion Strategy has been informed by a committee whose members are drawn from a range of organisations across the financial services sector and civil society. In addition, three sub-committees were established to inform specific areas of focus and similarly include a range of sector and civil society representatives. This reflects the fact that the successful delivery of the strategy will require a joined-up approach to achieve.
More widely, the Government has been engaging extensively with interested stakeholders, including industry and consumer representatives, to ensure the strategy is informed by a range of expertise and experience.
The strategy will be published later this year and will seek to tackle a range of barriers consumers face in accessing financial services and products. As part of developing the strategy, the Government is considering how to measure its impact.
Asked by: Joe Morris (Labour - Hexham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps she plans to take to measure the impact of the Financial Inclusion Strategy.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The development of the Financial Inclusion Strategy has been informed by a committee whose members are drawn from a range of organisations across the financial services sector and civil society. In addition, three sub-committees were established to inform specific areas of focus and similarly include a range of sector and civil society representatives. This reflects the fact that the successful delivery of the strategy will require a joined-up approach to achieve.
More widely, the Government has been engaging extensively with interested stakeholders, including industry and consumer representatives, to ensure the strategy is informed by a range of expertise and experience.
The strategy will be published later this year and will seek to tackle a range of barriers consumers face in accessing financial services and products. As part of developing the strategy, the Government is considering how to measure its impact.
Asked by: Joe Morris (Labour - Hexham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, when she plans to publish the Financial Inclusiveness Strategy.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
On 5 December, the Government announced work on a Financial Inclusion Strategy which will be developed alongside a supporting committee, chaired by me. The Financial Inclusion Committee’s mission is to tackle barriers to individual and households’ ability to access affordable and appropriate financial products and services.
The strategy will be published later this year.
Asked by: Joe Morris (Labour - Hexham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what data her Department holds on the number of adults who are victims of illegal money lending each year.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
Illegal money lenders — more commonly known as loan sharks — are dangerous criminals capable of inflicting terrible harm on their victims. To combat this, the Government funds specialist Illegal Money Lending Teams (IMLTs) operating across the UK. These teams investigate and prosecute illegal money lenders and offer support to their victims.
Because of the underground nature of illegal money lending, HM Treasury does not have data on the number of victims of illegal money lending each year. However, HM Treasury officials regularly engage with the IMLTs to receive updates on their work, including on prosecutions, support provided to victims, and any key trends. To learn more about the work of the IMLTs, visit the Stop Loan Sharks website: https://www.stoploansharks.co.uk/.