Financial Services: Mansion House Speech Debate
Full Debate: Read Full DebateBaroness Manzoor
Main Page: Baroness Manzoor (Conservative - Life peer)Department Debates - View all Baroness Manzoor's debates with the HM Treasury
(1 month ago)
Lords ChamberThe noble Baroness is kind enough to give me the opportunity to write, and I will happily do so.
My Lords, I have a very brief question. I put on record that I am the chairman of the Financial Ombudsman Service. I welcome the Mansion House speech from our perspective and, personally, the emphasis on financial reform. It is very important that there is much greater clarity around the rules and regulations that govern both the businesses and the responsibility of consumers. I am particularly concerned about the level of fraud and scam cases in the UK, which continues to rise. We have a call for input, put out by the FCA and the Financial Ombudsman Service. The Minister has already identified the importance of consumer protection, and that remains key, but are there plans to ensure that there is also much greater clarity around the responsibilities of consumers themselves, in terms of the reform measures?
The noble Baroness raises a very important question and I am grateful for her support around the reforms of the Financial Ombudsman Service; she brings a great deal of expertise to it. Her point about the role of consumers is a good one, and I will write to her on that specific matter.