Richard Thomson
Main Page: Richard Thomson (Scottish National Party - Gordon)Department Debates - View all Richard Thomson's debates with the HM Treasury
(1 year, 3 months ago)
Commons ChamberMy hon. Friend, the Chair of the Treasury Committee, makes a really important point about what is called the advice gap. Treasury officials, the FCA and I are consulting on that, and I will publish an update this autumn.
It has been revealed that Integrated Debt Services, a company set up by the UK Government to recover personal debt, saw its profits increase by a staggering 132% last year. Do Ministers think it is right that this company should be able to profit to that extent out of the misery of the cost of living crisis?
The hon. Gentleman is referring to a company that works with the Government’s Crown Commercial Service and that works on debt across central Government. It has to operate within a very specific framework and, indeed, it is regulated by the Financial Conduct Authority. I very much understand the point he has raised, and I will be making inquiries on that point myself.