Financial Guidance and Claims Bill [Lords]

Ben Bradley Excerpts

2nd reading: House of Commons
Monday 22nd January 2018 Commons Chamber

[Ben Bradley (Mansfield) (Con)]

It is a pleasure to follow the heartfelt advice of the hon. Member for Makerfield (Yvonne Fovargue). It is clear that the world of personal finance can be hard to navigate. Without consolidated guidance, anybody could run into difficulties. That is why I welcome the Bill and the certainty it will provide, replacing a complex array of support services for different areas with a simple process for seeking advice.

There have long been calls to consolidate the financial advice services currently available in the UK, and I regularly signpost constituents to those organisations. The problem, however, is that constituents’ problems are rarely simple, and an individual experiencing financial hardship because of issues with their pension may benefit from more holistic financial advice. A single and well-publicised point of access for financial advice would certainly be of huge benefit to my constituents and provide timely and professional assistance to people across the country who encounter difficulties. I look forward to a strong marketing strategy to promote the service to my constituents, ensuring that everybody is aware of the opportunity to get help. Without such a strategy to raise awareness, it will be a waste of time.

I welcome the news that the Government have consulted extensively on the measures, that they are widely supported and that we already have a framework for financial advice that is fit for purpose. StepChange has commented on how important that is for social justice and for supporting families, including many in Mansfield who are just about managing.

Having heard a number of horror stories about the mismanagement of financial claims, I am also pleased that there is now a simpler way of seeking support when an insurance or other claim fails to go to plan. This simpler form of financial assistance is key in educating service users and promoting a sustainable and resilient population. I hope that the measure is met with approval from not just my constituents but people across the country. It sends a clear message to the companies involved that individuals will be held accountable for their business practices, and to consumers that we are on their side.

Finally, cold calling is a particular blight for older people in Mansfield, with many elderly constituents describing to me a feeling of intimidation because of daily calls asking them to make a claim for an accident that they probably have not had, or because of unsolicited scams and financial advice that they do not want. I am delighted that clause 4 makes provision for the Secretary of State for Work and Pensions to ban cold calling, in effect putting those unscrupulous companies on notice and protecting vulnerable people. Like my hon. Friend the Member for Croydon South (Chris Philp), I too have been plagued by calls following a minor car accident, asking me to submit a false claim for whiplash—an injury that I never had. In fact, I could probably run through 20 or 30 numbers that I have saved on my mobile phone under “PPI” or “Car Crash Scam” to alert me not to answer calls from them. The impact of the high level of such fraudulent claims can only have a huge and detrimental effect on insurance premiums, preventing people, particularly young people, from being able to afford to drive, so it is absolutely right that we take action.

The Bill represents an opportunity for the Government to provide more support and easily accessible financial assistance to the public, and delivers on our manifesto commitment to offer respite from debt. It is a real step forward for millions who are struggling with debt or who are having problems making financial claims. That is more evidence, if it were needed, that this Government and the Conservative party are supporting vulnerable people and promoting financial security.