Asked by: Bambos Charalambous (Labour - Southgate and Wood Green)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the effectiveness of the (a) Financial Conduct Authority and (b) Financial Ombudsman Service’s recent changes to compensatory interest.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Financial Ombudsman Service (FOS) is responsible for setting the interest rate it applies to awards. Following consultation, the FOS has confirmed that it will change the interest rate that it applies to some compensation awards, moving from the current 8% to a time-weighted average of the Bank of England’s base rate plus one percentage point. The FOS will continue to apply an 8% interest rate for the period after a determination has been made, if the business does not pay redress on time, to encourage timely compliance with FOS determinations. The Chancellor welcomed the new rate in her Mansion House 2025 speech on 15 July, with the Financial Services Growth and Competitiveness Strategy noting that the new rate better reflects market conditions.
Asked by: Bambos Charalambous (Labour - Southgate and Wood Green)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether she has had discussions with the Financial Conduct Authority on the number of consumers who may miss out on compensation for motor finance as a result of (a) lender record gaps, (b) procedural barriers and (c) complaint-handling delays.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Financial Conduct Authority (FCA), as independent regulator, has set out its proposals for a motor finance redress scheme. In its consultation, the FCA has set out how it expects consumers to be appropriately redressed. The FCA also sets out proposals on what steps firms should take to ensure redress can be delivered quickly, address any gaps in their records, and what controls should be in place to ensure they operate the scheme in a fair and transparent way.
Throughout the consultation period which closed on December 12, the government has encouraged all stakeholders to fully engage with the process so that their views can be considered by the FCA. The FCA has indicated it will finalise the rules of the scheme in February or March 2026.
It is vital that consumers have access to motor finance to enable them to spread the cost of a vehicle in a way that is manageable and affordable. We want to see this issue resolved in an efficient and orderly way that provides certainty for consumers and firms.
Asked by: Bambos Charalambous (Labour - Southgate and Wood Green)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the ability of motor finance lenders to adhere to the forthcoming redress scheme.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Financial Conduct Authority (FCA), as independent regulator, has set out its proposals for a motor finance redress scheme. In its consultation, the FCA has set out how it expects consumers to be appropriately redressed. The FCA also sets out proposals on what steps firms should take to ensure redress can be delivered quickly, address any gaps in their records, and what controls should be in place to ensure they operate the scheme in a fair and transparent way.
Throughout the consultation period which closed on December 12, the government has encouraged all stakeholders to fully engage with the process so that their views can be considered by the FCA. The FCA has indicated it will finalise the rules of the scheme in February or March 2026.
It is vital that consumers have access to motor finance to enable them to spread the cost of a vehicle in a way that is manageable and affordable. We want to see this issue resolved in an efficient and orderly way that provides certainty for consumers and firms.
Asked by: Bambos Charalambous (Labour - Southgate and Wood Green)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps she is taking to ensure that (a) people with mental health difficulties, (b) caring responsibilities, (c) financial hardship and (d) other vulnerable consumers are not disproportionately affected during the motor finance redress process.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
It is vital that consumers have access to motor finance to enable them to spread the cost of a vehicle in a way that is manageable and affordable. We want to see this issue resolved in an efficient and orderly way that provides certainty for consumers and firms.
The Financial Conduct Authority (FCA), as independent regulator, has set out its proposals for a motor finance redress scheme. In its consultation, the FCA has set out how it expects consumers to be appropriately redressed. The FCA also sets out proposals on how firms should support vulnerable consumers, and address any gaps in their records, and what controls should be in place to ensure they operate the scheme in a fair and transparent way.
Throughout the consultation period which closed on December 12, the government has encouraged all stakeholders to fully engage with the process so that their views can be considered by the FCA. The FCA has indicated it will finalise the rules of the scheme in February or March 2026.
Asked by: Bambos Charalambous (Labour - Southgate and Wood Green)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of (a) incomplete and (b) missing lender records dating back to 2007 on the ability of consumers to be (i) identified and (ii) compensated under the car finance redress scheme.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
It is vital that consumers have access to motor finance to enable them to spread the cost of a vehicle in a way that is manageable and affordable. We want to see this issue resolved in an efficient and orderly way that provides certainty for consumers and firms.
The Financial Conduct Authority (FCA), as independent regulator, has set out its proposals for a motor finance redress scheme. In its consultation, the FCA has set out how it expects consumers to be appropriately redressed. The FCA also sets out proposals on how firms should support vulnerable consumers, and address any gaps in their records, and what controls should be in place to ensure they operate the scheme in a fair and transparent way.
Throughout the consultation period which closed on December 12, the government has encouraged all stakeholders to fully engage with the process so that their views can be considered by the FCA. The FCA has indicated it will finalise the rules of the scheme in February or March 2026.
Asked by: Bambos Charalambous (Labour - Southgate and Wood Green)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what sanctions are currently available to the Financial Conduct Authority if lenders fail to meet their obligations under the motor finance redress scheme; and whether the Treasury plans to review the adequacy of those sanctions.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
It is vital that consumers have access to motor finance to enable them to spread the cost of a vehicle in a way that is manageable and affordable. We want to see this issue resolved in an efficient and orderly way that provides certainty for consumers and firms.
The Financial Conduct Authority (FCA), as independent regulator, has set out its proposals for a motor finance redress scheme. In its consultation, the FCA has set out how it expects consumers to be appropriately redressed. The FCA also sets out proposals on how firms should support vulnerable consumers, and address any gaps in their records, and what controls should be in place to ensure they operate the scheme in a fair and transparent way.
Throughout the consultation period which closed on December 12, the government has encouraged all stakeholders to fully engage with the process so that their views can be considered by the FCA. The FCA has indicated it will finalise the rules of the scheme in February or March 2026.
Asked by: Bambos Charalambous (Labour - Southgate and Wood Green)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the potential challenges of a motor finance redress scheme which does not fully reflect consumers’ actual financial losses.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
It is vital that consumers have access to motor finance to enable them to spread the cost of a vehicle in a way that is manageable and affordable. We want to see this issue resolved in an efficient and orderly way that provides certainty for consumers and firms.
The Financial Conduct Authority (FCA), as independent regulator, has set out its proposals for a motor finance redress scheme. In its consultation, the FCA has set out how it expects consumers to be appropriately redressed. The FCA also sets out proposals on how firms should support vulnerable consumers, and address any gaps in their records, and what controls should be in place to ensure they operate the scheme in a fair and transparent way.
Throughout the consultation period which closed on December 12, the government has encouraged all stakeholders to fully engage with the process so that their views can be considered by the FCA. The FCA has indicated it will finalise the rules of the scheme in February or March 2026.
Asked by: Bambos Charalambous (Labour - Southgate and Wood Green)
Question to the Department for Science, Innovation & Technology:
To ask the Secretary of State for Science, Innovation and Technology, what steps she is taking to promote research into treatments for glioblastoma.
Answered by Kanishka Narayan - Parliamentary Under Secretary of State (Department for Science, Innovation and Technology)
The Department for Science, Innovation and Technology invests approximately £200 million annually in cancer research via UK Research and Innovation (UKRI), and the Department of Health and Social Care (DHSC) spent £141.6 million in 2024/25 via the National Institute for Health and Care Research (NIHR). The Government does not ringfence funding for specific cancers, but is committed to advancing brain tumour research, including glioblastoma. In recent years, NIHR directly invested £11.8 million and UKRI invested £46.8 million into brain tumour research. This included two new glioblastoma research projects funded by the Medical Research Council in 2023.
Asked by: Bambos Charalambous (Labour - Southgate and Wood Green)
Question to the Department for Digital, Culture, Media & Sport:
To ask the Secretary of State for Culture, Media and Sport, whether the forthcoming National Visitor Economy Strategy will include consideration of the role and growth potential of the UK outbound travel industry.
Answered by Stephanie Peacock - Parliamentary Under Secretary of State (Department for Culture, Media and Sport)
The forthcoming Visitor Economy Growth Plan (VEGP), which will set out a long term plan to increase visitor flows across the UK, boost value, and deliver sustainable growth. This will include consideration of the role of the UK’s outbound travel industry in generating growth.
Asked by: Bambos Charalambous (Labour - Southgate and Wood Green)
Question to the Department for Digital, Culture, Media & Sport:
To ask the Secretary of State for Culture, Media and Sport, what steps her Department is taking to help support economic growth for (a) travel agents and (b) tour operators.
Answered by Stephanie Peacock - Parliamentary Under Secretary of State (Department for Culture, Media and Sport)
The Government has recently announced the Small Business Plan. It outlines how we will make thriving small and medium sized businesses, which includes travel agents and tour operators, a reality across the UK through the most significant package of legislative reforms in 25 years to tackle late payments; unlocking billions of pounds in finance to support businesses to invest; removing unnecessary red tape; revitalising the High Street as a place to do business; and delivering growth boosting support for Digital and AI Adoption with a new online Business Growth Service.
The British Tourist Authority (BTA) supports specialist travel businesses through marketing and trade opportunities, linking UK businesses with the travel trade globally through events.
In addition to this, the BTA offers training programmes, research insights, and targeted funding schemes that help travel businesses reach international markets and build capability. It connects operators with overseas buyers through both international trade events and UK based hosted buyer programmes, promotes bookable products via its platforms, and provides data, tools, and grants to strengthen the UK’s visitor economy.
The Government has also launched The Business Growth Service as part of the Small Business Plan. This makes it easier and quicker for businesses to get the help, support and advice they need to start, grow and succeed.