Oral Answers to Questions

Lucy Rigby Excerpts

Tuesday 3rd November 2026 Commons Chamber

[Frank McNally (Coatbridge and Bellshill) (Lab)]

2. What discussions he has had with the Financial Conduct Authority on the impact of the withdrawal of the family protection plan by CMutual and Maiden Life Försäkrings on policyholders.

[The Economic Secretary to the Treasury (Lucy Rigby)]

I thank my hon. Friend for his work on the family protection plan issue, which I know affects hundreds of his constituents and many other people. As he knows, we have engaged with the FCA on the impact of its withdrawal. I want to see this matter resolved in a satisfactory way, and I look forward to engaging with him further to that end.

[Frank McNally]

I thank my right hon. and learned Friend for her response and her work on this matter. The most vulnerable families paid FPP funeral cover for 25 years because it was all they could afford, and data shows that since its withdrawal, only 3% of policyholders have been able to secure alternative cover and at least 61 people have died without funeral protection. Despite numerous industry forum meetings to explore redress, no solutions have been agreed, even for the oldest and most vulnerable. Will my right hon. and learned Friend meet me, MPs with affected constituents and the independent coalition of credit unions as a matter of urgency, so that we can try to identify any possible next steps?

[Lucy Rigby]

I will. As I said, I want to see this matter resolved in a satisfactory way, not least due to the ongoing harm that my hon. Friend describes.

[Claire Young (Thornbury and Yate) (LD)]

3. What assessment he has made of the potential impact of the autumn Budget 2026 on household living costs.

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[Bambos Charalambous (Southgate and Wood Green) (Lab)]

11. What estimate he has made of the number of child trust funds received by intended beneficiaries.

[The Economic Secretary to the Treasury (Lucy Rigby)]

The last Labour Government introduced child trust funds with the intention that every child in the country could access a financial asset as they entered adulthood. Almost 3 million young people have already accessed their funds, currently containing an average of £2,600 each. Today, we are announcing that we are making fund access simpler for those who lack mental capacity, meaning that tens of thousands more young people will benefit from their funds. I thank my hon. Friend for his campaigning alongside my hon. Friend the Member for Hyndburn (Sarah Smith) in particular; I know they both care deeply about this issue.

[Bambos Charalambous]

I congratulate the Minister on her announcement, which will enable over 120,000 young people who lack capacity to access their child trust funds. That will make a huge difference to them. As she is aware, there are an estimated 800,000 unclaimed child trust funds, worth approximately £1.3 billion. What steps is she taking to enable those young people, who often are unaware of the existence of those funds, to access them? Will she work with the Share Foundation to find a long-term solution?

[Lucy Rigby]

I will. I thank my hon. Friend again for the work he has done in this area. We are working with the Share Foundation as well as other industry partners. We have also set up a child trust fund taskforce to improve tracing and to customise communication and engagement, all with the aim of putting more young people in touch with their child trust funds.

[John Milne (Horsham) (LD)]

This is fantastic news—so many people have campaigned for it over so many years. I thank my colleague Baroness Kramer in the Lords, who helped by tabling an amendment to the Financial Services and Markets Bill that has brought us to this point. Will the Minister join me in paying tribute to my constituent Andrew Turner, who was one of the first parents to discover this issue when his child Mikey reached the age of 18 six years ago and has campaigned tirelessly on it? He has done a fantastic job. Would she like to congratulate him?

[Lucy Rigby]

I would, and I am grateful for the opportunity to do so. I congratulate Mr Turner and indeed the hon. Member on all their work.

[Sarah Smith (Hyndburn) (Lab)]

This change on children’s trust funds is a huge win for the campaigners who have fought for six years to see it. I know that it means a huge deal to my constituents Paula and Andy Gilbert and their son James. What is the timescale for when these families will be able to access their money?

[Lucy Rigby]

I am grateful to my hon. Friend for all the work she has done in this area, including with Mr Turner. I will table an amendment to the Financial Services and Markets Bill, the Second Reading of which is next week, which will enable the Ministry of Justice to make regulations to put the change into action.

[Sarah Dyke (Glastonbury and Somerton) (LD)]

As a YMCA parliamentary patron, I visited the YMCA’s home in Glastonbury, which works alongside Street Foyer to support young people, including care leavers. Many care leavers had child trust funds opened by the state but have no parent or guardian to tell them that the money exists. They need it the most. What is the Minister doing to ensure that every care leaver receives the savings that are rightfully theirs?

[Lucy Rigby]

We are looking at that issue via the child trust fund taskforce. I am more than happy to communicate further with the hon. Member on it.

[Amanda Martin (Portsmouth North) (Lab)]

12. What steps he is taking to help deliver economic growth through advanced manufacturing.

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[Alan Mak (Havant) (Con)]

T2. Hayling Island and Emsworth both need banking hubs funded by our high street banks. Is it not the case that the Government’s increase in the bank tax is a disincentive and a missed opportunity at a time when more banking hubs are needed?

[The Economic Secretary to the Treasury (Lucy Rigby)]

As the hon. Member knows, we have a commitment already to 350 banking hubs. We are working with industry to deliver those 350 hubs over the course of this Parliament. We also have the access to banking review being done by Richard Lloyd. The end result will be more banking hubs across the country.

[Imogen Walker (Hamilton and Clyde Valley) (Lab)]

T5. Real progress was made in the Budget on the former mineworkers’ pensions, and I am very grateful to the Chancellor and the rest of the team for that, but there is more to do and time is pressing. Our mineworkers did incredibly difficult jobs in very challenging environments and kept the lights on for all of us—they deserve every penny of their pensions. Can the Chancellor tell me when we can expect an update on the release of the remaining funds?

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[Sureena Brackenridge (Wolverhampton North East) (Lab)]

The green innovation corridor in my constituency has investment zone status and £27 million in capital funding, with £7 million earmarked to prepare sites for development. What further Treasury support, including access to finance and targeted tax incentives, will the Government provide to attract private investors and deliver more skilled jobs in Wolverhampton North East?

[Lucy Rigby]

My hon. Friend is a relentless champion for her constituency. The Government are devolving powers and funding to the west midlands combined authority to support investment, and the National Wealth Fund is partnering with it to develop many projects, which I am sure will benefit her constituency.

[Martin Vickers (Brigg and Immingham) (Con)]

Economic growth and investment in my constituency has greatly benefited following the creation of freeports and the associated tax benefits that come with that. Can Ministers give an assurance that any reset with our European partners will protect existing tax benefits?