Financial Services and Markets Bill (Sixth sitting)

Craig Tracey Excerpts

Committee stage
Thursday 27th October 2022 Public Bill Committees

Indeed, we are not neutral actors, because as we raise the level of the regulatory burden, one of the unintended consequences, which the hon. Member for Wallasey precisely spoke about, is that we often raise the cost of accessing products, or exclude parts of society, because that increased regulatory burden means that providers sometimes withdraw from the sector.

[Craig Tracey (North Warwickshire) (Con)]

Will my hon. Friend give way?

[Andrew Griffith]

I will give way; I do not propose to speak for very long on this point, anyway.

[Craig Tracey]

I am very much in favour of financial inclusion, but we have to be careful about how we achieve it. I was an insurance broker before coming here. The reason I left was that the cost of regulation on our business meant that we disappeared from the high street. That meant that vulnerable people had less access to insurance. We see more and more access points moving out, and having to go online, so people are losing out. Does the Minister agree that, although we must ensure that we are looking after the most vulnerable people, more regulatory burdens will put up the cost and affect the availability of products?

[Andrew Griffith]

I thank my hon. Friend for that intervention. He put it far better than I did, bringing to bear his personal experience, but that was precisely the point that I was making.