Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of Fair by Design and the Institute and Faculty of Actuaries' report, The hidden risks of being poor: the poverty premium in insurance.

The Government wants to ensure that people, regardless of their background or income, have access to useful and affordable financial products and services.

My officials and I continue to engage closely with both the FCA and the insurance sector, including on issues relating to the accessibility of insurance.

It is important to note that there are also wider initiatives that low-income households will benefit from when accessing insurance. For example, from 1 January 2022, FCA rules for home and motor insurance now require insurers to offer renewing customers a price that is no higher than they would pay as a new customer.