Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps his Department is taking to help tackle discrimination experienced by customers in their dealings with the financial services industry.

The Government is committed to tackle financial exclusion and discrimination and aims for everyone, whatever their background or income, to be able to access useful and affordable financial products and services. The Government works closely together with regulators, the financial services industry and other stakeholders, to ensure that all consumers of financial services are appropriately protected.

There are a number of legal obligations and regulatory rules that safeguard the fair treatment of customers. The relevance of these rules will vary depending on the form of discrimination in question and the product or service on offer.

In February 2021, the FCA published its finalised guidance for firms on the fair treatment of vulnerable customers, setting out a number of areas of best practice. This guidance explores, among other things, how firms can understand the needs of vulnerable customers and provide targeted services for this cohort.

In addition, like all service providers, financial services firms are bound under the Equality Act 2010 to make reasonable adjustments, where necessary, in the way they deliver their services.