Treasury Committee press notice no.40

Session 2006-07, 29 March 2007

Treasury Committee announces terms of reference for its inquiry into Financial inclusion follow-up: saving for all and shorter term saving products

Following the publication of its previous Reports considering issues relating to Financial inclusion, including saving for all and the implications of the collapse of Farepak, the Treasury Committee is today announcing that it will undertake a Financial inclusion follow-up inquiry into Saving for all and shorter term savings products. The Committee invites written evidence on this inquiry by Tuesday 24 April. Further guidance on the submission of written evidence is set out in Note 2 below.

The Committee’s decision to undertake the inquiry follows:

»the publication on Wednesday 28 March of HM Treasury’s document Financial inclusion: the way forward;

»the publication on the same date of the document prepared by Brian Pomeroy, entitled Review of Christmas saving schemes; and

»the responses of the Government and the Financial Services Authority to the Committee’s three Reports on Financial inclusion, responses which will be published by the Committee on Wednesday 4 April at 11.00 am. (See press notice 39)

As part of this inquiry into Financial inclusion follow-up: saving for all and shorter term saving products, the Committee would welcome evidence on the following areas:

»the role of saving in the Government’s strategy on financial inclusion;

»the role of the Saving Gateway;

»the role of financial capability in the context of the shorter term savings market;

»responses to the recommendations contained in chapter 4 (“Saving for all”) of the Committee’s Twelfth Report of Session 2005-06 and in paragraph 62 of the Committee’s First Report of Session 2006-07; and

»the design, promotion and regulation of products in the shorter term savings market, including hamper products, Christmas savings accounts and other similar products and potential products.

The Committee is not seeking written evidence relating to:

»the restitution of Farepak creditors;

»issues for investigation by the Insolvency Service following the collapse of European Home Retail plc;

»lines of credit associated with the purchase of goods and services; or

»the longer term savings market, including the Government’s proposals for Personal Accounts.

1. Committee Membership is as follows: Rt Hon John McFall (Chairman), Mr Colin Breed, Jim Cousins, Angela Eagle, Mr Michael Fallon (Sub-Committee Chairman), Mr David Gauke, Ms Sally Keeble, Mr Andrew Love, Kerry McCarthy, Mr George Mudie, Mr Brooks Newmark, John Thurso, Mr Mark Todd, Peter Viggers.

2. Written evidence should be in Word or rich text format-not PDF format-and sent by e-mail to The body of the e-mail must include a contact name, telephone number and postal address. The e-mail should also make clear who the submission is from. The deadline is Tuesday 24 April at 5.00 pm.

Submissions should address the terms of reference. They should be in the format of a self-contained memorandum and should not exceed 3,000 words. Paragraphs should be numbered for ease of reference, and the document must include an executive summary. Further guidance on the submission of evidence can be found at

Submissions should be original work, not previously published or circulated elsewhere. Once submitted, your submission becomes the property of the Committee and no public use should be made of it unless you have first obtained permission from the Clerk of the Committee. Please bear in mind that Committees are not able to investigate individual cases.

The Committee normally, though not always, chooses to publish the written evidence it receives, either by printing the evidence, publishing it on the internet or by making it publicly available through the Parliamentary Archives. If there is any information you believe to be sensitive you should highlight it and explain what harm you believe would result from its disclosure; the Committee will take this into account in deciding whether to publish or further disclose the evidence.

For data protection purposes, it would be helpful if individuals wishing to submit written evidence send their contact details in a covering letter. You should be aware that there may be circumstances in which the House of Commons will be required to communicate information to third parties on request, in order to comply with its obligations under the Freedom of Information Act 2000.