Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps her Department is taking to ensure consumers are aware of rights regarding personal financial products.

The Department of Business and Trade provides funding to Citizens Advice and Citizens Advice Scotland to deliver advice to consumers, including on debt and money matters. In addition, the Consumer Protection Partnership delivers an annual scams awareness campaign. Last year’s campaign focused on financial scams: fake debt advice; friend in need scams; pension scams; investment scams; and parking QR Codes.

The Financial Conduct Authority (FCA) sets standards for consumer protection for regulated financial services products, and holds to account any firms that don’t meet those standards. The FCA’s Consumer Duty sets high standards of consumer protection across financial services, and includes a principle requiring firms to act to deliver good outcomes for customers. Good outcomes include consumers being given the information they need, at the right time, and presented in a way they can understand.

Additionally, the Money and Pensions Service (MaPS) is supported by the Government to provide comprehensive guidance for each stage of consumers’ financial lives. Its MoneyHelper website offers a range of tools to support consumers with money matters, including information on everyday financial products and letter templates to help consumers raise complaints with their providers.