Question to the HM Treasury:

To ask Her Majesty's Government what assessment the Financial Conduct Authority has made of the reasons for the high levels of personal debt in the UK; and what independent evidential basis informs that assessment.

The Financial Conduct Authority (FCA) is an independent public body responsible for regulating and supervising the financial services industry. As such, the Government is unable to comment on the FCA’s assessment of their consumer research work and the evidence base that impacts their assessment. The Government has therefore passed this enquiry on to them directly and they will respond to the noble Lord by letter.