Financial Services Reform

Gregory Campbell Excerpts

Wednesday 16th July 2025 Commons Chamber

[Emma Reynolds]

I could not agree more with my hon. Friend. We want to ensure that the dream of home ownership is expanded across the country, including to his constituency of Harlow. Because of the reforms we are taking forward, and there will be more to come, the estimate is that 36,000 new first-time buyers will be able to buy their homes in the first year of this reform being in place.

[Mr Gregory Campbell (East Londonderry) (DUP)]

In her statement, the Economic Secretary was right when she alluded to the FTSE being at a record high yesterday, though many international indices, whether in the US, the far east or Europe, are also at record highs since the April low. She also alluded to the cash ISA problem. What will be done to instil confidence among the wider public who hold money and cash assets but are reluctant and fearful of investing, even in lower-risk collective investments that, over the longer term, would produce much better returns than cash ISAs, which are subject, as she rightly says, to inflation?

[Emma Reynolds]

I thank the hon. Member for his thoughtful question. We are doing a number of things. First, we are working at pace with the FCA to ensure that targeted support is in place by the end of the tax year and in time for the new ISA season in April next year. We are looking at the risk warnings and at the industry-led campaign on advertising the opportunities of investing. We are doing all that we can. It is good that hon. Members on different sides of the House are supporting us.

Obviously, different people will be at different stages in their journey through life. People who are retired may not want to invest in the stock market. I can understand that, from their perspective, they need more readily available cash, but if people who are younger or middle aged—I do not know where I fall in those categories—[Interruption.] Thank you. If people can even put a small amount away, they can invest in their future. It concerned me recently when a report suggested that many people did not know that their pensions were invested in the stock market and that that is how they get better returns in their retirement. We need to run a huge campaign with the private sector to educate people about the opportunities and to give people the confidence to invest. At the end of the day, it will obviously be down to people about how they choose to invest.

VAT Registration Threshold: SMEs

Gregory Campbell Excerpts

Tuesday 24th June 2025 Westminster Hall

[Mr Bedford]

I absolutely agree. Over the last year, particularly in the Budget and recent announcements, we have seen measures that stifle the growth of SMEs and small businesses. I thank my hon. Friend for raising that today because I am passionate about supporting them, not only so that the economy can grow, but so that we can create jobs and opportunities for all. I will always support small family businesses, and I will never support proposals to slash the VAT threshold to such low levels.

What is even more frustrating is the fact that the voice of industry has not been heard; its calls have fallen on deaf ears. The Federation of Small Businesses has previously highlighted that the extra bureaucracy of being VAT-registered adds £4,100 on average to the running costs of a business. UKHospitality also notes that there have been missed opportunities to be bolder and to alleviate regulatory burdens on the hospitality sector.

[Mr Gregory Campbell (East Londonderry) (DUP)]

I do not know if the hon. Member is aware, but just this morning the Federation of Small Businesses in Northern Ireland released a report about the complications that the Windsor framework is creating for small businesses in Northern Ireland. Does he agree that SMEs are the backbone of the UK economy in all regions and that we need to try to do whatever we can to reduce bureaucracy rather than increase it, which is what the Windsor framework has achieved?

[Mr Bedford]

I thank the hon. Member for his intervention and I absolutely agree. As a Unionist myself, I want to see all parts of the UK thrive and grow, and that obviously includes Northern Ireland. This debate equally applies to Northern Ireland as it does to everywhere else in the Union.

I was talking about UKHospitality, which says it would like to see the VAT rate cut to 12.5% for the industry. I think that proposal has merits and I encourage the Minister to consider it.

Finally, I recently met the Institute of Chartered Accountants in England and Wales and it was clear that confidence among small businesses is in decline. The ICAEW would like to see the whole VAT system simplified and the registration threshold reviewed. That would reduce compliance costs, but it would also enable small businesses to grow beyond the restrictive cliff edge that is currently in place.

The Minister may not be a fan of Margaret Thatcher, our first female Prime Minister, but she believed that if people work hard, they should have the opportunity to succeed, and that the Government’s role is to create the conditions for that success. That was why she launched the enterprise allowance scheme, which helped to create now-famous brands such as Superdry and Creation Records.

However, if the Minister wants a more contemporary example of a state supporting businesses to grow, he should look at our good friends in Singapore. First, as is well-documented, corporation tax in Singapore is low, but in addition small businesses in Singapore have the pioneer certificate incentive, which encourages start-ups in undersubscribed industries. I am not asking the Minister for such a scheme here—I know that that would perhaps be too bold—but what I am asking for is a modest and sensible change that would make a real difference to entrepreneurs across the country. Raise the VAT registration threshold; push it beyond £90,000. Do it for the small businesses that want to grow, to diversify and to serve their communities, but also do it for the economy and for consumers, who will benefit from lower prices and greater choice. Above all, do it for the spirit of enterprise that has always defined the United Kingdom.

--- Later in debate ---

[Jim Shannon]

No. I thank the hon. Member—he is a friend—but look, honestly, I am a Brexiteer; it is no secret. I want the same Brexit as the rest of the United Kingdom got. I did not get that. We were let down by a Government who did us over, so we did not get what we wanted, but if I had got the same as everybody else in England, Scotland and Wales—and my hon. Friend had—then I would not be having this conversation, and I would not be doing this spiel. I am still a Brexiteer and always will be a Brexiteer, and incidentally, the majority of people in my constituency voted to have the same Brexit as the rest of the United Kingdom, and my constituents did not get it either. When the Minister thinks about today’s debate, if he does not mind me saying, I would ask that he would petition the Cabinet, if it is not too much to ask for, to withdraw from this inherently flawed agreement for us in Northern Ireland.

The article that I read discussed the benefit of raising the threshold, highlighting that Government should want to encourage small businesses to grow. It would be much more effective to raise the threshold to £250,000, I would have thought. It is probably a better figure to work with. That is, of course, supported by the Government’s own statistics, which showed that, in 2022-23, £117 billion —75% of the total net VAT collected in the UK—was paid by traders with an annual turnover of more than £10 million. So, what does that mean exactly? Raising the threshold to £250,000 may not, therefore, have a significant impact on VAT’s total receipts, but it would allow His Majesty’s Revenue and Customs to save costs and to focus its time on ensuring that the largest VAT payers paid the right amount of tax.

The Government have a big, difficult task before them; they have got to balance the books—whatever the figure might be for the black hole, or whatever it may have been. They have set themselves that target to balance those books, and I understand that. Maybe there is another way of saving money, perhaps within HMRC, that could be better. The Minister is a very wise man; he will understand the point I am making, and the civil servants, who are the brains of the Department—I hope the Minister does not mind me saying that—will be able to respond, and maybe pass the message on about whether that can be done.

Raising the threshold would allow a large number of traders in my area, and others, to focus on growth and not question whether they could grow a business enough to cover the additional accountancy costs when VAT is involved. When most businesses register for VAT, they are faced with a choice: either increase their prices by up to 20% or lose 20% of their existing prices as VAT. That is a difficult scenario for a business. The former makes the business less competitive and likely to see a drop in sales, and the latter eats into the profits and ultimately reduces the amount of money the business can use to expand. Neither option advocates for small business growth. As I have said, this is a moot point, as the EU will not allow us in Northern Ireland even to consider raising the threshold. I cannot tell businesses in Strangford or across Northern Ireland that it could be an option.

Some argue that there are benefits to retaining the VAT thresholds. Research undertaken for HMRC in 2016 found that 20% of unregistered businesses that were trading close to the VAT threshold had taken action to remain below it. Of those businesses, almost half said they had closed their businesses for part of the year to avoid having to register for VAT. One in five said they had turned down work, which was an indication that they could not grow as they wanted to because of the restriction. That strongly suggests that a significant number of businesses actively manage their turnover in order to stay below the VAT registration threshold. Lowering the threshold would prevent businesses from suppressing their trade in that way, which would in turn encourage economic growth.

[Mr Gregory Campbell]

Does my hon. Friend agree that in recent years, because of inflation, even small businesses in the retail trade that try to maintain a level just below the threshold find that they must pass on rising prices to the consumer? That means they will inevitably come to or above the threshold, and even an attempt to keep below it will often fail.

[Jim Shannon]

My hon. Friend always intervenes with words of wisdom and understanding. Perhaps the Minister will respond to that.

There is little point in Northern Ireland MPs discussing this issue, unless the discussion involves the revocation of the Northern Ireland protocol and each aspect of European interference. I ask the Minister sincerely, respectfully and honestly to take back to the Cabinet the circumstances of the Windsor framework, to ensure that Northern Ireland traders can have the very same options as those in England, Scotland and Wales.

Oral Answers to Questions

Gregory Campbell Excerpts

Tuesday 20th May 2025 Commons Chamber

[The Parliamentary Secretary to the Treasury (Torsten Bell)]

My hon. Friend is absolutely correct. Raising investment in the UK is about boosting not just the supply of capital, but the demand for it—the investment pipeline. We are approving infrastructure projects, from wind farms to reservoirs, that the Conservatives blocked for years. By reforming the planning system, we are doing something really radical: building homes.

[Mr Gregory Campbell (East Londonderry) (DUP)]

The roll-out of banking hubs is helping to a small degree, but what plans do the Government have to increase the number of banking hubs beyond those in the pipeline?

[Emma Reynolds]

As I said in my previous answer, we have secured the commitment of the industry to open 350 banking hubs by the end of this Parliament. The FCA keeps the access to cash rules under review. As legislated for under the last Government, it has the power to make rules to ensure that there is access to cash across the country.

Oral Answers to Questions

Gregory Campbell Excerpts

Tuesday 8th April 2025 Commons Chamber

[James Murray]

I politely suggest that if my hon. Friend thinks we are imposing austerity, he has not read the Budget very carefully. It contains increases to revenue spending in all Departments—across the public spending envelope—and an increase in capital investment. We are ensuring that we build for the future while protecting our fiscal rules. Let me be clear: those fiscal rules are not a nice-to-have addition to the way we approach the economy. Fiscal irresponsibility has a huge cost, as we saw under the previous Government.

[Mr Gregory Campbell (East Londonderry) (DUP)]

We support the Government in trying to determine a fair level of tax, especially for the very wealthy. However, will the Minister establish, if he can, the number of people who might leave the country as a result of a wealth tax, and therefore pay no income tax whatsoever?

[James Murray]

The hon. Gentleman makes an important point: we need to ensure that the wealthiest in society pay their fair share, while also attracting talent from around the world to the UK to work, invest and help to grow our economy. It is on the back of that investment and economic growth that we will make people across the UK better off, and get more money into their pockets.

Oral Answers to Questions

Gregory Campbell Excerpts

Tuesday 4th March 2025 Commons Chamber

[Darren Jones]

I am sorry to hear that the right hon. Gentleman failed to persuade his party, when in government for 14 years, to open that line. I can reassure him that this Government take rail infrastructure seriously, and I will happily consider any detail that he wishes to write to me about.

[Mr Gregory Campbell (East Londonderry) (DUP)]

Economic growth through infrastructure development could be helped in Scotland and Northern Ireland with more money going to Cairnryan port and the road infrastructure to it. Allied to that, any help that the Department, the Minister and the Chancellor could give in resolving EU-related trading issues would considerably help Northern Ireland business as well as Scottish business.

[Darren Jones]

The hon. Member will know that the Government have entered negotiations with our counterparts in the European Commission to improve trade between the UK and the European Union. I had a great meeting to discuss these issues last week in Cardiff with Finance Ministers from the Northern Ireland Executive as well as from Scotland and Wales, and noted that we have given a record-breaking increase in funding to the devolved Governments, so that they can get on with such projects, working in partnership with us where we still have responsibility.

Oral Answers to Questions

Gregory Campbell Excerpts

Tuesday 29th October 2024 Commons Chamber

[Darren Jones]

Councils’ housing revenue accounts are a significant part of local authority finances, and it is therefore not right to exclude them from our fiscal rules, but I reassure my hon. Friend that this Government’s commitment to deliver 1.5 million new homes will be delivered.

[Mr Gregory Campbell (East Londonderry) (DUP)]

However “working people” is defined, does the Chancellor not accept that people on low incomes and part-time employees who earn up to £300 a week should be exempt from paying income tax?

[Rachel Reeves]

We will set out details of our tax policy in the Budget tomorrow, but this Government have made a commitment to working people that we will not increase their income tax, their national insurance or the value added tax they pay.

Oral Answers to Questions

Gregory Campbell Excerpts

Tuesday 19th March 2024 Commons Chamber

[Gareth Davies]

My hon. Friend is right to engage in the way that she is with her small businesses. We believe that the £90,000 threshold, which has just been increased, strikes the right balance between managing the public finances and supporting small businesses. I encourage her to look at the wider package of support that the Government are providing for small businesses, not least the business rate relief that I was just talking about.

[Mr Gregory Campbell (East Londonderry) (DUP)]

Will the Minister have discussions with his counterparts in the devolved institutions to ensure that the likes of sole traders and small businesses see a reduction in bureaucracy to make them more profitable, offering more business opportunities to more people across the United Kingdom?

[Gareth Davies]

I can assure the hon. Gentleman that the Government engage frequently with our counterparts in the Northern Ireland Administration, and that will continue to be the case.

Oral Answers to Questions

Gregory Campbell Excerpts

Tuesday 6th February 2024 Commons Chamber

[Laura Trott]

I thank my hon. Friend for his question, and I will take the two parts of it in turn. The Government continue to support businesses with the higher costs through a generous package of support. At the autumn statement, we showed our commitment to supporting small businesses by extending the 75% retail, hospitality and leisure relief, and by freezing the small business multiplier, which will protect more than 1 million properties from the multiplier increase. Yesterday, we announced a wide-ranging package of support worth £600 million for local councils, including £500 million of new funding for social care.

[Mr Gregory Campbell (East Londonderry) (DUP)]

I understand that concerns were expressed some years ago about how a significant increase in the minimum wage may well have a knock-on effect, particularly on the hospitality sector. Given that that did not come about with previous living wage increases, will the Chief Secretary commit her Government to ensuring that future increases will be monitored closely to enable and assist small businesses to increase wage levels systematically and sustainably over the longer term?

[Laura Trott]

I can commit to the hon. Gentleman that we are absolutely monitoring the effects, but, as I said, a good package of support is in place for businesses.

Hospitality Sector: Fiscal Support

Gregory Campbell Excerpts

Wednesday 31st January 2024 Westminster Hall

[Steve Double (St Austell and Newquay) (Con)]

It is an honour to serve under your chairmanship, Ms Bardell. I am delighted to take part in this debate, and I very much congratulate the hon. Member for Stirling (Alyn Smith) on securing it. I am delighted to see the Minister in his place to respond; along with my hon. Friend the Member for Sutton and Cheam (Paul Scully), there have never been two greater champions in Government for the tourism and hospitality sector. I am delighted that the Minister is now in the Treasury, because I am sure that he can be a champion there for this very important sector—not putting any pressure on him at all!

I represent a constituency that is one of the most dependent on the tourism and hospitality sector in the whole country. For example, it is estimated that around 60% of all jobs in the town of Newquay rely on it, and that one in three households across Cornwall derive at least some of their income from hospitality throughout the year. The subject is therefore so very important to us in St Austell and Newquay. We have some amazing hospitality businesses, from St Austell Brewery—which was established in 1851 and is, I believe, the biggest family-owned brewery in the country; it produces amazing beers, like Tribute and Proper Job, has been around for nearly 170 years, and employs hundreds of people in my constituency and well over 1,500 people in the wider region—right through to an American diner in St Austell called Rocky’s, which opened last week. I was delighted to be there on the opening night, and I wish the people there well in starting up a hospitality business in these very challenging times.

We have amazing hotels like The Headland in Newquay, with which the Minister is familiar, the Watergate Bay Hotel in Watergate Bay, and Scarlet in Mawgan Porth. On the south coast, we have the Carlyon Bay Hotel, which Mr Speaker very much enjoys, and Fowey Hall in Fowey, in which I know many hon. Members have stayed. They all play a vital part in the economy and the communities that I have the pleasure of representing.

[Mr Gregory Campbell (East Londonderry) (DUP)]

I thank the hon. Member for giving way as he extends his conducted tour around his constituency; I congratulate him on so doing. Does he agree that we all, Government especially, need to ensure that the magnificence of areas like his, and like mine on the north coast of Northern Ireland, are promoted nationally and internationally, in order to maximise the benefits for all our constituents?

[Steve Double]

I absolutely agree. We need to get international tourists who come to this country out of London. Too many never venture past London. I know that the Department for Culture, Media and Sport has worked on that, and we have certainly seen some benefits of more international visitors coming to Cornwall and enjoying all that we have to offer.

I will never forget the moment, shortly after the lockdown was announced, that I read a report that said that my constituency of Newquay was predicted to be the hardest hit by the lockdown. Those days were deeply worrying for me. I had business owner after business owner on the phone asking, “What am I going to do? This will literally devastate my business.”

There was a sense of relief a few days later when the then Chancellor—the now Prime Minister—announced the package of support that would be put in place, particularly the furlough scheme but also the targeted support for the hospitality sector. My phone lit up with the people who had rung me in the preceding days; they were so relieved that the Government were stepping in. That demonstrates that this Government understand the importance of the hospitality sector. They provided more support to the hospitality sector than to any other part of our economy during the pandemic, and I know hundreds of businesses in my constituency who are so grateful for it. It is sometimes very easy to forget that support, but it shows the importance that the Government place on the sector.

However, as we have heard, many of those businesses are finding times equally challenging right now. The challenges are different; they are mainly to do with rising costs rather than with demand being taken away. Those could be energy costs, costs in the supply chain or rising wages. I absolutely support the increase in the national living wage, but we need to appreciate that there is pressure on businesses to meet that increased wage. There is therefore a need for the Government to look at what further support they can provide to this sector, not just to get it through the current challenges, but for the long term.

I would ask two things in closing—both of which have already been said, but I will add my voice. There is a case to be made for cutting VAT. I would go for a 10% cut in the VAT rate for hospitality. We have shown that that works. I know there were concerns about how much the cut that was put in place during the pandemic was passed on; I think about 70% of businesses passed on at least some of that cut, but we need to work with the sector to ensure that if VAT is cut, all of the cut is passed on to the customer.

Business rates also need to be looked at. The rise of 6.7% is out of step. I urge the Government to look to the October rate for inflation when increasing business rates. We need more fundamental reform of business rates for the hospitality sector in order to reduce the burden of that tax.

Financial Advice and Guidance: Consumer Market

Gregory Campbell Excerpts

Tuesday 9th January 2024 Westminster Hall

[Harriett Baldwin]

I want to limit my remarks today to consumers and their access to financial advice, but the Treasury Committee is doing an inquiry into access to finance for small and medium-sized businesses, and I encourage the hon. Gentleman to share with us any evidence he might have in that regard.

Our constituents need more personalised help to make them more financially resilient over their lifetime. We want them to be more prosperous, better informed and more able to prepare for the inevitable highs and lows of financial life. With the success of auto-enrolment, we now have millions more people taking personal decisions about saving for their retirement, possibly across a multitude of different pension schemes over a full working life. They need an expert hand to help them to make good decisions and yet, despite our world-leading financial services sector, it is surprisingly difficult to get help. That is because of the advice/guidance legal definitions.

Mrs Harris, I want to try out an analogy on you. Imagine a supermarket where, if you pay an up-front fee of several hundred or perhaps even several thousand pounds to join, you will, over your whole lifetime, be allowed to go into a section where you have a full choice of delicious, healthy food and other goods, offered at competitive prices. Someone will ensure that you are buying things appropriate for your age and dietary needs; they will suggest some terrific, easy-to-cook, healthy recipes and wonderful meal plans.

However, to make it worth paying the up-front fee, you have to buy exceptionally expensive goods or sufficient quantities, and only 8% of our constituents would in fact choose to pay the fee; everyone else in the supermarket chooses to avoid it. They wander round the generic aisles of the supermarket. They may see some generic NHS advice about healthy eating or something on the supermarket website. They pay much higher prices for the same range of goods and often choose the unhealthy and expensive options. They even find scam and rogue options that scam them out of their shopping money altogether, because anyone can set out a stall in the supermarket I am describing.

It is a slightly stretched analogy, but I know that you know what I am getting at, Mrs Harris. The quality and cost of financial advice in this country mean that we have created a marketplace where only the richest 8% of the population choose to shop and benefit from the healthy financial choices that our excellent financial services firms can give.

[Mr Gregory Campbell (East Londonderry) (DUP)]

I congratulate the hon. Member on this very timely and important debate. She is now moving into the important area of providing professional, impartial, independent consumer advice to ensure that people avoid making bad choices and to steer them in the direction of making good, effective choices.

[Harriett Baldwin]

That is exactly right. I am using this analogy to make us realise what a scandal it would be if we had supermarkets like the ones I have just described, but that is sort of what we have in our financial services supermarket. It is a slightly stretched analogy, but the quality and cost of financial advice means that we have created a marketplace where only the richest 8% of the population shop and benefit from the healthy financial choices on the menu that our excellent financial advisers can give.

The remaining 92% of our constituents end up unadvised. If they are lucky, they might find out that there is state-sponsored guidance such as Pension Wise and the Money and Pensions Service, perhaps through a newspaper article or a Google search. A small number do find that advice, but it is very generic. It can be useful and helpful but, more often than not, it leaves them with more questions than answers; it offers some very simple thoughts, which perhaps leaves people not knowing how the advice relates to their personal circumstances. Without urgent Government action to explore solutions for the unadvised, I fear that we are creating terrible long-term consequences for the nation’s savings health and for the prosperity of our constituents in retirement.

At its best, that generic guidance and the personalised guidance available through the Money and Pensions Service and Pension Wise is a bit like the generic advice from the NHS to eat five pieces of fruit and vegetables a day: it is useful but it is not going to help anyone make an informed investment choice. Yesterday, I did some mystery shopping on the Money and Pensions Service website to see what advice my constituents would get if they had received a small lump sum—perhaps an inheritance, a redundancy payment or some tax-free cash they had taken from their pension. I followed a link on the website’s landing page to an article labelled, “Types of investments”, which I thought might be helpful. That page then asked,

“Do you need help making smart investment choices?”

which I thought was probably the right page. I was then directed to the Financial Conduct Authority’s InvestSmart website. On the landing page of that website, the first article is called, “Crypto: The basics”. That is on the FCA’s website. The third article on the landing page is called, “Investing in crypto”. The website then said that, if I wanted advice, I needed to see a financial adviser, so I was back to square one. Those crypto pages are probably there prominently to warn people not to buy those products, but the prominence ends up looking like an endorsement.

There used to be a network of bank branches in this country, where people could go to talk to a human being who might be a bit more helpful, albeit that they would focus on their own-brand products. However, there have been so many bank closures that most people would not know where to start to find anyone to speak to face to face about savings and investment choices. Yet, we have asked millions more people to invest in their own pensions through auto-enrolment and have left them with a default provider—the National Employment Savings Trust—which charges an up-front load of 1.8%. We have given people pension freedoms, which means some very big decisions can be taken at the age of 55 that will have long-term consequences for people’s financial health.

As you can tell, Mrs Harris, I am not happy with this outcome for my constituents, and I am sure you are not happy with the outcome for yours. When I was Economic Secretary to the Treasury in 2015-16, I commissioned the financial advice market review, which tried to make financial advice and guidance work better for consumers. It came up with some good recommendations, including allowing consumers to redeem a small part of their pension pot against the cost of retirement advice in certain circumstances. However, at the time, it was constrained in what it could do by European regulations. Now that we are under way with the Edinburgh reforms and there is scope for a more UK-centric regime, I have been raising the problem once again.

In addition, Parliament has legislated for a consumer duty on financial services firms, which began to be implemented last July. We have a world-leading financial services sector with many excellent firms serving consumers well, but they are held back by regulations from offering their consumers any helpful advice from their own expertise. That could even contradict their consumer duty—if they can see their customers making poor decisions such as leaving long-term savings in taxable, low-interest accounts when they could perhaps be in an individual savings account or earning higher rates. Even Martin Lewis, whom many people turn to for financial wisdom, has told me he feels he is held back from recommending certain sensible things because it might be considered financial advice. So I very much welcome the proposals that the Government and the FCA have published jointly to address the advice gap. I think they go in the right direction.

There are three elements. Further clarifying the boundary between advice and guidance would give FCA-authorised firms greater certainty that they can give more support to consumers without providing a personal recommendation. It would help firms give consumers greater levels of support with more confidence to operate closer to the boundary. That is a necessary element, but on its own it might not surmount the cautious behaviour that we see from some compliance departments.

The second proposal is targeted support. The new regulatory framework will enable firms to provide broader support without up-front charges based on the limited information that they have on their consumer, and enable firms to suggest products or courses of action. That will be a key proposal to close the advice gap.

The third proposal is for simplified advice for consumers with smaller sums or simpler needs at a price that is commercially viable for both consumer and firm. With the development of technology, more powerful artificial intelligence tools and more data out there, innovators will find ways to give consumers more customised, less generic, financial advice—something like coaching or help—at a commercially viable price. Whatever we call it, such changes will help our constituents by giving them better and more personalised information to make their choices.

Some consumer groups worry about allowing our financial services firms more leeway to help their customers. To go back to the supermarket analogy, there are some bad apples even in the premium aisles of the supermarket. Last year the Financial Services Compensation Scheme paid out millions to those who were badly advised, but doing nothing about the advice gap is also a choice. I believe consumers are being harmed much more in the generic aisles of the supermarket, where often there is no regulatory redress.

The proposals are to be welcomed and should be brought in as quickly as possible. Let us also agree to do more for our constituents by making sure there ia much higher awareness of services such as Pension Wise and the financial advice money that people can take from their pension to pay for financial advice at key moments. I wish my hon. Friend the Economic Secretary well in implementing this important change. It will cost taxpayers nothing. It will harness the expertise of a range of excellent financial services firms and get much more personalised advice to our constituents when they take key financial decisions. I give power to the Minister’s elbow in bringing the changes forward.