Financial Services: Coronavirus:Written question - 45243

Asked by Neil Gray
(Airdrie and Shotts)

Named Day

'Named day' questions only occur in the House of Commons. The MP tabling the question specifies the date on which they should receive an answer. MPs may not table more than five named day questions on a single day.

Asked on: 11 May 2020
Financial Services: Coronavirus
To ask the Chancellor of the Exchequer, what recent discussions he has had with the Financial Conduct Authority on the support and protection given to people living with cancer by the financial services sector.
Answered by: John Glen
Answered on: 18 May 2020

The Government is committed to doing whatever it takes to get our nation through this crisis and that includes supporting the most vulnerable in our society. To this end, the Government continues to work closely with financial services regulators as part of the economic response.

The Financial Conduct Authority (FCA) has introduced measures supporting consumers in financial difficulty at this time, and require firms to prioritise vulnerable consumers, including those with poor health.

In response, firms across the financial services sector have announced a range of measures to support vulnerable customers and the Government is working with the FCA to ensure there is continued support. For example, many firms have methods for trusted third-parties to access cash for vulnerable/self-isolating people, as well as setting up dedicated phone lines to support them.

Since the COVID-19 crisis has developed, the Government has also worked closely with the FCA on the introduction of payment deferral periods to provide support to consumers who are facing temporary cash flow problems as a result of the COVID-19 outbreak.

Grouped Questions: 45241 | 45242

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