Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps his Department is taking to ensure that vulnerable individuals have access to (a) financial advice and (b) support with essential banking services.

The Government seeks to ensure that everyone can access useful support with their finances, including those in vulnerable circumstances. As part of this, the Government established the Money and Pensions Service (MaPS) to provide people with comprehensive, consistent, guidance for each stage of their financial lives. MaPS offers resources to support consumers with a range of issues, including everyday money, benefits, financial difficulty, pensions and retirement, savings, and work.

Building on its consumer vulnerability work, the Financial Conduct Authority (FCA) has also introduced the Consumer Duty which raises the standard expected from firms for all customers.

HM Treasury and the FCA are also working on a joint review of the regulatory boundary between financial advice and guidance with the aim of improving the support available to consumers with their financial decision-making.