Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, with reference to the consultation entitled ‘Trust-based pension schemes: Trustees and governance, building a stronger future’, whether he is taking steps to ensure future guidance doesn’t impede on the primary duty of pension fund trustees.

Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)

Trustees of occupational pension schemes must act in accordance with their legal and fiduciary duties and in the interests of scheme members. The consultation ‘Trust-based pension schemes: Trustees and governance, building a stronger future’ seeks views on trustee standards, governance and administration and does not alter those duties.

Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, following the conclusion of the consultation entitled ‘Trust-based pension schemes: Trustees and governance, building a stronger future’, what steps he will take to ensure any guidance to pension fund trustees remains voluntary.

Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)

Trustees of occupational pension schemes must act in accordance with their legal and fiduciary duties and in the interests of scheme members. The consultation ‘Trust-based pension schemes: Trustees and governance, building a stronger future’ seeks views on trustee standards, governance and administration and does not alter those duties.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps she will take to ensure the long-term viability of the Lifetime ISA following the implementation of the First-Time Buyer ISA product.

Answered by Rachel Blake

On 23 June the Government published a consultation on the implementation of the First-Time Buyer ISA (FTB ISA), further details of which can be found at www.gov.uk/government/consultations/first-time-buyer-isa-consultation. The consultation confirmed that until the new product is offered it will be possible to open a Lifetime ISA (LISA). After the new product is introduced it will not be possible to open a LISA but existing LISA holders will continue to be able to use their accounts in line with the existing rules.

There are currently no plans to increase the property price cap for the LISA, Help to Buy ISA or FTB ISA. The FTB ISA consultation does not propose the level at which any property price cap, government bonus or subscription limit should be set or whether a separate property price cap should apply in different parts of the UK.

Data from the latest UK House Price Index shows that the average price paid by first-time buyers remains below the Lifetime ISA property price cap in all regions of the UK except London, where the average price paid is affected by some boroughs with very high property values. The Help to Buy ISA also continues to support first-time buyers within its existing property price caps.

The Government will consider views received as part of the consultation process including comments on the interaction between the new product and the Lifetime ISA. All feedback will be considered in coming to a decision on the detail of the design and implementation of the FTB ISA.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of reviewing the property price cap of (a) the Lifetime ISA, (b) the Help to Buy ISA and (c) the First-Time Buyer ISA on an annual basis.

Answered by Rachel Blake

On 23 June the Government published a consultation on the implementation of the First-Time Buyer ISA (FTB ISA), further details of which can be found at www.gov.uk/government/consultations/first-time-buyer-isa-consultation. The consultation confirmed that until the new product is offered it will be possible to open a Lifetime ISA (LISA). After the new product is introduced it will not be possible to open a LISA but existing LISA holders will continue to be able to use their accounts in line with the existing rules.

There are currently no plans to increase the property price cap for the LISA, Help to Buy ISA or FTB ISA. The FTB ISA consultation does not propose the level at which any property price cap, government bonus or subscription limit should be set or whether a separate property price cap should apply in different parts of the UK.

Data from the latest UK House Price Index shows that the average price paid by first-time buyers remains below the Lifetime ISA property price cap in all regions of the UK except London, where the average price paid is affected by some boroughs with very high property values. The Help to Buy ISA also continues to support first-time buyers within its existing property price caps.

The Government will consider views received as part of the consultation process including comments on the interaction between the new product and the Lifetime ISA. All feedback will be considered in coming to a decision on the detail of the design and implementation of the FTB ISA.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether she plans to implement a property price cap on the First-Time Buyer ISA based on whether the property is (a) in London and (b) outside London.

Answered by Rachel Blake

On 23 June the Government published a consultation on the implementation of the First-Time Buyer ISA (FTB ISA), further details of which can be found at www.gov.uk/government/consultations/first-time-buyer-isa-consultation. The consultation confirmed that until the new product is offered it will be possible to open a Lifetime ISA (LISA). After the new product is introduced it will not be possible to open a LISA but existing LISA holders will continue to be able to use their accounts in line with the existing rules.

There are currently no plans to increase the property price cap for the LISA, Help to Buy ISA or FTB ISA. The FTB ISA consultation does not propose the level at which any property price cap, government bonus or subscription limit should be set or whether a separate property price cap should apply in different parts of the UK.

Data from the latest UK House Price Index shows that the average price paid by first-time buyers remains below the Lifetime ISA property price cap in all regions of the UK except London, where the average price paid is affected by some boroughs with very high property values. The Help to Buy ISA also continues to support first-time buyers within its existing property price caps.

The Government will consider views received as part of the consultation process including comments on the interaction between the new product and the Lifetime ISA. All feedback will be considered in coming to a decision on the detail of the design and implementation of the FTB ISA.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether she plans to increase the property price cap for (a) the Lifetime ISA, (b) the Help to Buy ISA and (c) the First-Time Buyer ISA.

Answered by Rachel Blake

On 23 June the Government published a consultation on the implementation of the First-Time Buyer ISA (FTB ISA), further details of which can be found at www.gov.uk/government/consultations/first-time-buyer-isa-consultation. The consultation confirmed that until the new product is offered it will be possible to open a Lifetime ISA (LISA). After the new product is introduced it will not be possible to open a LISA but existing LISA holders will continue to be able to use their accounts in line with the existing rules.

There are currently no plans to increase the property price cap for the LISA, Help to Buy ISA or FTB ISA. The FTB ISA consultation does not propose the level at which any property price cap, government bonus or subscription limit should be set or whether a separate property price cap should apply in different parts of the UK.

Data from the latest UK House Price Index shows that the average price paid by first-time buyers remains below the Lifetime ISA property price cap in all regions of the UK except London, where the average price paid is affected by some boroughs with very high property values. The Help to Buy ISA also continues to support first-time buyers within its existing property price caps.

The Government will consider views received as part of the consultation process including comments on the interaction between the new product and the Lifetime ISA. All feedback will be considered in coming to a decision on the detail of the design and implementation of the FTB ISA.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of delaying the anti-circumvention rules for ISAs to April 2028.

Answered by Rachel Blake

At Autumn Budget 2025, we announced that, from 6th April 2027, the Cash ISA allowance will be reduced to £12,000 while the limit for Stocks and Shares and Innovative Finance ISAs will remain at £20,000. To ensure the reformed ISA limits operate as intended anti-circumvention rules are also required, and these will also operate from 6^th April 2027.

The ISA industry is aware of the commencement date for the changes. We announced the nature of the rules the day after Budget and, following extensive engagement, announced the detail at Tax Update 2026 on 23 June. HMRC has published the draft regulations and is holding a technical consultation on them currently, prior to the regulations being laid in the Autumn and effective from 6 April 2027.

The resulting rules are as simple as possible for providers and consumers and retain maximum flexibility for consumers to build an investment portfolio that works for them.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the trend in the number digitally excluded adults.

Answered by Rachel Blake

The Financial Conduct Authority’s (FCA) Financial Lives Survey reports that 1.2 million UK adults (2%) were digitally excluded in 2024, a significant decrease from 6.9 million (14%) in 2017.

Digital inclusion was considered as part of the Government’s Financial Inclusion Strategy, published by HM Treasury in November last year, which sets out a range of ambitious measures for the Government and industry to improve financial inclusion and resilience for underserved groups across the UK.

The Strategy seeks to support digital inclusion through interventions to prioritise inclusive design. HM Treasury is also working closely with the Department for Innovation, Science, and Technology (DSIT) on their Digital Inclusion Action Plan and work to address wider barriers such as connectivity, skills, and access to devices.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether she plans to include the recommendations of the Access to Banking Review in the Financial Services and Markets Bill 2026.

Answered by Rachel Blake

The Access to Banking Services Review will consider access to in-person banking services and whether changes to access to in-person banking services are causing consumer detriment. The evidence collected by the Review will inform future decisions on whether further action is needed.

Alongside the Review, the Financial Services and Markets Bill includes a power to allow the Government to take action in future to protect access to banking services, should this be necessary. This power ensures the Government can act swiftly and proportionately, including through future regulation, if the evidence from the Review supports intervention.

The Review will conclude in October 2026 and provide its findings and recommendations to the Government. The Government will consider those findings carefully, including whether any further action is required to protect access to banking services. The findings will also help inform how the Government considers the use of powers contained in the Financial Services and Markets Bill.

Found: parliamentary note – 30 January 2026 [OUT OF SCOPE] Work and Pensions Oral Questions • Mark Garnier