Consumers of Financial Services: Compensation

Part of Treasury – in the House of Commons at on 20 June 2023.

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Photo of Andrew Griffith Andrew Griffith The Economic Secretary to the Treasury

My hon. Friend is a strong champion of consumers who have suffered financial loss, particularly through his chairmanship of the all-party parliamentary group on personal banking and fairer financial services. He understands that the UK does not operate a zero-loss regime where consumers of financial services are automatically compensated, but it is important that regulators make very clear where the scope of protection lies and who is eligible for compensation.