Asked by: Martin Wrigley (Liberal Democrat - Newton Abbot)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the impact of app-only banking policies on older and digitally excluded customers; and whether she will require banks operating in the UK to provide non-digital routes for account opening, account restoration, and investment services, particularly for customers without access to smartphones.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Government works closely with the Financial Conduct Authority (FCA), the independent regulator of the UK’s financial services sector, to ensure that all customers get the right support with their financial products and services.
FCA guidance highlights the actions firms should take to understand the needs of customers who may be vulnerable, including older and disabled people, and to consider these needs appropriately. This includes offering multiple channels of communication to their customers where possible.
Banking is changing, with many customers benefitting from the convenience and flexibility of managing their finances remotely. While decisions on how specific services are delivered remain commercial matters for individual banks and building societies, the Government recognises the importance of face-to-face banking to communities and is committed to championing sufficient access for customers.
The Government is working closely with industry on a commitment to roll out 350 banking hubs across the UK by the end of this Parliament, which will provide individuals and businesses across the country with cash and banking services. Over 240 hubs have been announced so far, and 200 are already open. The Government has also worked with industry to ensure that customers do not need their own digital device to access banking hub services.
More widely, the Government recently published a Financial Inclusion Strategy which seeks to ensure that people have the opportunity to make the most of the benefits of digital services, alongside continued access to the in-person services they need. Beyond the continued rollout of banking hubs, the Strategy has also launched an industry-led inclusive design working group which will examine and address accessibility issues in product design.
The Government has also published a Digital Inclusion Action Plan which includes a focus on improving digital connectivity, access, skills, and confidence.
Asked by: Martin Wrigley (Liberal Democrat - Newton Abbot)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what discussions her Department has had with the Financial Conduct Authority regarding the absence of explicit rules governing app-only banking; and what steps are being taken to ensure that banks continue to provide non-digital access for customers who are elderly, rural, disabled, or digitally excluded.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Government works closely with the Financial Conduct Authority (FCA), the independent regulator of the UK’s financial services sector, to ensure that all customers get the right support with their financial products and services.
FCA guidance highlights the actions firms should take to understand the needs of customers who may be vulnerable, including older and disabled people, and to consider these needs appropriately. This includes offering multiple channels of communication to their customers where possible.
Banking is changing, with many customers benefitting from the convenience and flexibility of managing their finances remotely. While decisions on how specific services are delivered remain commercial matters for individual banks and building societies, the Government recognises the importance of face-to-face banking to communities and is committed to championing sufficient access for customers.
The Government is working closely with industry on a commitment to roll out 350 banking hubs across the UK by the end of this Parliament, which will provide individuals and businesses across the country with cash and banking services. Over 240 hubs have been announced so far, and 200 are already open. The Government has also worked with industry to ensure that customers do not need their own digital device to access banking hub services.
More widely, the Government recently published a Financial Inclusion Strategy which seeks to ensure that people have the opportunity to make the most of the benefits of digital services, alongside continued access to the in-person services they need. Beyond the continued rollout of banking hubs, the Strategy has also launched an industry-led inclusive design working group which will examine and address accessibility issues in product design.
The Government has also published a Digital Inclusion Action Plan which includes a focus on improving digital connectivity, access, skills, and confidence.
Asked by: Martin Wrigley (Liberal Democrat - Newton Abbot)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether the Government plans to publish guidance or minimum service standards to help tackle financial exclusion arising from digital-only banking models.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Government works closely with the Financial Conduct Authority (FCA), the independent regulator of the UK’s financial services sector, to ensure that all customers get the right support with their financial products and services.
FCA guidance highlights the actions firms should take to understand the needs of customers who may be vulnerable, including older and disabled people, and to consider these needs appropriately. This includes offering multiple channels of communication to their customers where possible.
Banking is changing, with many customers benefitting from the convenience and flexibility of managing their finances remotely. While decisions on how specific services are delivered remain commercial matters for individual banks and building societies, the Government recognises the importance of face-to-face banking to communities and is committed to championing sufficient access for customers.
The Government is working closely with industry on a commitment to roll out 350 banking hubs across the UK by the end of this Parliament, which will provide individuals and businesses across the country with cash and banking services. Over 240 hubs have been announced so far, and 200 are already open. The Government has also worked with industry to ensure that customers do not need their own digital device to access banking hub services.
More widely, the Government recently published a Financial Inclusion Strategy which seeks to ensure that people have the opportunity to make the most of the benefits of digital services, alongside continued access to the in-person services they need. Beyond the continued rollout of banking hubs, the Strategy has also launched an industry-led inclusive design working group which will examine and address accessibility issues in product design.
The Government has also published a Digital Inclusion Action Plan which includes a focus on improving digital connectivity, access, skills, and confidence.
Asked by: Martin Wrigley (Liberal Democrat - Newton Abbot)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential merits of changing the Financial Conduct Authority's commercial mortgage regulations to only apply when a problem is observed and a complaint raised.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
Unlike residential mortgages, commercial mortgages are not typically regulated by the Financial Conduct Authority.
Asked by: Martin Wrigley (Liberal Democrat - Newton Abbot)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what information her department holds on the number of complaints about the Financial Conduct Authority's regulations for commercial mortgages from a) Brokers and b) Commercial Mortgage holders.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
Unlike residential mortgages, commercial mortgages are not typically regulated by the Financial Conduct Authority.
Asked by: Martin Wrigley (Liberal Democrat - Newton Abbot)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential impact of the Financial Conduct Authority regulations on commercial mortgages.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
Unlike residential mortgages, commercial mortgages are not typically regulated by the Financial Conduct Authority.
Asked by: Martin Wrigley (Liberal Democrat - Newton Abbot)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will take steps to increase the accountability of the Financial Conduct Authority with the finance industry.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Financial Conduct Authority (FCA) is fully accountable to Parliament and the Government for how it discharges its statutory functions. Legislation places a range of statutory requirements on the FCA designed to support accountability and enhance transparency.
For example, the FCA is held to account through regular appearances at Parliamentary committees, including the Treasury Select Committee and the Lords Financial Services Regulation Committee.
Ministers regularly engage with the FCA to ensure it continues to improve its operational efficiency.
In addition, the FCA regularly engages with industry, consumers and other stakeholders via consultations, publications and statutory panels.
The statutory framework also includes a requirement for the FCA to establish a Complaints Scheme, which allows anyone directly affected by the way in which the FCA has exercised, or failed to exercise, its functions (other than its legislative functions) under the Financial Services and Markets Act 2000 to make a complaint. The Complaints Scheme is overseen by the Financial Regulators Complaints Commissioner, who is an independent person appointed by HM Treasury and has powers to recommend the payment of compensation and to require the FCA to publish its response to any recommendations. The FCA’s decisions can also be challenged in the courts under judicial review procedures. There is an appeals process for supervisory and disciplinary decisions made by the FCA.
The Government will continue to hold the FCA to account for its performance against its statutory duties, its work to reduce administrative costs, and alignment with government priorities.
The government has recently consulted on proposals to require the FCA and the Prudential Regulation Authority (PRA) to publish long-term strategies setting out how they will advance their objectives, including their secondary objective to facilitate growth and international competitiveness. This would ensure that stakeholders, including regulated firms in the sector, are able to fully understand the FCA and PRA’s strategy towards the sector. The government is currently considering the responses to that consultation and will set out next steps in due course.
Asked by: Martin Wrigley (Liberal Democrat - Newton Abbot)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential merits of re-introducing a consumer credit license.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
Businesses must be authorised by the Financial Conduct Authority (FCA) to provide credit to consumers unless an exemption applies. Lending without FCA authorisation is illegal and punishable by up to two years in prison and/or a fine.
Asked by: Martin Wrigley (Liberal Democrat - Newton Abbot)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential merits of not implementing the proposed changes to agricultural property relief and business property relief for farmers in the Autumn Budget 2025.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
The Government believes its reforms to agricultural property relief and business property relief from 6 April 2026 get the balance right between supporting farms and businesses, fixing the public finances, and funding public services. The reforms reduce the inheritance tax advantages available to owners of agricultural and business assets, but still mean those assets will be taxed at a much lower effective rate than most other assets. Despite a tough fiscal context, the Government will maintain very significant levels of relief from inheritance tax beyond what is available to others and compared to the position before 1992. Where inheritance tax is due, those liable for a charge can pay any liability on the relevant assets over 10 annual instalments, interest-free.
The Government will invest more than £2.7 billion a year in sustainable farming and nature recovery from 2026-27 until 2028-29. This includes the largest financial investment into nature-friendly farming ever.
Asked by: Martin Wrigley (Liberal Democrat - Newton Abbot)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if the Prime Minster will have discussions with his international colleagues at the next G20 on raising the international corporate tax rate to 21%.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
The global minimum tax project is the result of an agreement reached by members of the G20/OECD Inclusive Framework on Base Erosion and Profit Shifting to reduce profit shifting by large multinationals.
Under the global minimum tax, large MNE groups will be subject to top-up tax if their effective tax rate is lower than 15%. The 15% rate was agreed in 2021, and was the outcome of negotiation and agreement by more than 130 countries. Many of these countries including the UK have now implemented the global minimum tax into their domestic legislation.
The internationally agreed 15% rate is not open for negotiation, but the government believes that it strikes the right balance between curbing harmful tax practices without preventing jurisdictions like the UK from enacting our 25% rate.