Future of Financial Services

Rehman Chishti Excerpts

Monday 9th November 2020 Commons Chamber

[Rishi Sunak]

I know the hon. Lady has spent an enormous amount of time in this Chamber focused on these issues, and rightly so. The FCA is currently taking action to address the issues in the buy now, pay later sector, but more generally to her important question around debt and consumer credit, it is worth bearing in mind that we have provided around £38 million to debt providers this financial year, bringing the total to £100 million. Colleagues will know that from May next year, the breathing space initiative that was recently passed in this place will provide a period for individuals who are struggling with debt issues to take a pause and agree a repayment plan. Indeed, in the Bill we are considering later, the Economic Secretary to the Treasury, my hon. Friend the Member for Salisbury (John Glen) will be introducing provisions for statutory debt repayment plans, which will further help those who are struggling paying back credit.

[Rehman Chishti (Gillingham and Rainham) (Con) [V]]

I thank the Chancellor for the statement and all the financial support he has given to my constituents in Gillingham and Rainham during covid-19. My question is specifically in regard to the work of the Financial Ombudsman Service and the six-month statute of limitation when dealing with complaints, as raised with me by a constituent in Gillingham and as faced by constituents around the country. With all other ombudsmen, such as the Parliamentary and Health Service Ombudsman, there is a 12-month statute of limitation. Can the Chancellor explain that discrepancy? Will he be kind enough to take the matter away on behalf of my constituent in Gillingham and look at this anomaly in the interests of fairness?

[Rishi Sunak]

I am very happy to take the issue away, and I look forward to discussing it further with my hon. Friend on behalf of his constituents.