Oral Answers to Questions

Debate between Jeremy Quin and Bim Afolami

Tuesday 7th May 2024 Commons Chamber

[Bim Afolami]

I thank the hon. Lady for her question, and I know how avidly she campaigns in this area. The House should know—and you should know, Mr Speaker—that I recently met my right hon. Friend the Member for Horsham (Sir Jeremy Quin) and the hon. Member for Sheffield Central (Paul Blomfield) to discuss this very issue. I am very happy to meet the hon. Lady as well to discuss it and to see if we can get a solution, because we do want to get this problem fixed.

[Sir Jeremy Quin (Horsham) (Con)]

I am grateful to the Minister for the meeting to which he referred. Will he compliment financial institutions that are doing their utmost to make it easier for their disabled customers to access their child trust funds and, if his ministerial colleagues can find a way of making that easier across the board, would that have his support and that of his colleagues in the Treasury?

[Bim Afolami]

I thank my right hon. Friend for his question. Indeed, working with not just the Ministry of Justice, but the Department for Work and Pensions is key to deliver this, as is working with the Financial Conduct Authority to ensure that any financial institution that does the right thing does not lose out or face any regulatory issues. That is indeed something that has my support and that of the Treasury, and we will work across Government to get this right.

--- Later in debate ---

[Sir Jeremy Quin (Horsham) (Con)]

The lifetime ISA is a positive instrument, but I understand that under its terms there are circumstances under which savers lose not only the benefits of the ISA but also part of their capital investment. That does not seem right; will the Minister please meet me to discuss it?

[Bim Afolami]

I am happy to meet my right hon. Friend to discuss the lifetime ISA, which is a fantastic product brought in by this Government to help young people to get on the housing ladder. I am happy to meet him to discuss ways in which we can make it more accessible for more people in more circumstances.