Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps her Department is taking to help tackle ageism in the provision of financial services.

The Government works closely with the Financial Conduct Authority (FCA), the independent regulator of the UK’s financial services sector, to ensure that all customers get the right support with their financial products and services. The FCA requires firms to provide a prompt, efficient, and fair service to all of their customers.

Ensuring individuals have access to appropriate financial products and services is also a key priority for the Government. This is why I have committed to publish a Financial Inclusion Strategy later this year which will seek to tackle a range of barriers consumers can face in accessing the products they need.

Additionally, the Equality Act 2010 generally prohibits discrimination based on certain protected characteristics, including age. There are some limited exceptions to this. For example, insurance providers cannot refuse to cover potential consumers or charge more for insurance as a result of age, unless they base their risk assessment on relevant information from a reliable source.