Financial Services: Disadvantaged
The question
To ask the Chancellor of the Exchequer, with reference to the House of Lords Select Committee on Financial Exclusion's report entitled Tackling financial exclusion: A country that works for everyone?, published on 25 March 2017, Session 2016-17, HL Paper 132, what progress she has made on implementing the (a) recommendations on (i) older and (ii) vulnerable consumers and (b) other recommendations.
Answered by Lucy Rigby
The Government has committed to publish a National Financial Inclusion Strategy later this year to tackle a range of barriers individuals and households face in accessing the financial products and services they need. The strategy will consider what more Government and industry can do to address key issues, including a focus on: (i) digital inclusion and access to banking; (ii) savings; (iii) insurance; (iv) affordable credit; (v) problem debt; and (vi) financial education and capability.
Across these areas, the themes of accessibility, mental health, and economic abuse have also been considered in recognition of the particular challenges individuals can face in relation to these issues.
More widely, the Government works closely with the Financial Conduct Authority (FCA), the independent regulator of the UK’s financial services sector, to ensure customers get the right support with their financial products and services. The FCA’s Vulnerability Guidance requires firms to consider the needs of vulnerable customers appropriately.
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