HM Treasury written question – answered at on 11 January 2018.
Laura Smith
Labour, Crewe and Nantwich
To ask Mr Chancellor of the exchequer, whether he plans to implement a duty on regulators to identify vulnerable customers within the finance industry.
John Glen
Minister of State (Treasury) (City), The Economic Secretary to the Treasury
The government believes that the Financial Conduct Authority’s (FCA) existing objectives to protect consumers and to promote effective competition are sufficient to safeguard the interests of vulnerable consumers. The government therefore sees no need to legislate to impose an additional duty on the FCA.
In November 2017, the FCA published their Future Approach to Consumers Paper. One of the core ideas within this Paper is “Regulating for Vulnerable Consumers”. The FCA expects firms to pay attention to possible indicators of vulnerability and have policies in place to deal with consumers where those indicators suggests they may be at greater risk of harm.
Yes1 person thinks so
No0 people think not
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The chancellor of the exchequer is the government's chief financial minister and as such is responsible for raising government revenue through taxation or borrowing and for controlling overall government spending.
The chancellor's plans for the economy are delivered to the House of Commons every year in the Budget speech.
The chancellor is the most senior figure at the Treasury, even though the prime minister holds an additional title of 'First Lord of the Treasury'. He normally resides at Number 11 Downing Street.
