Financial Institutions

Treasury written question – answered on 5th November 2019.

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Photo of Caroline Lucas Caroline Lucas Green, Brighton, Pavilion

To ask the Chancellor of the Exchequer, what progress has been made on introducing a statutory duty of care for banks and financial institutions to better support people living with cancer.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

The Government believes that the Financial Conduct Authority (FCA), the independent conduct regulator for the financial services industry in the UK, is best placed to evaluate the merits of a duty of care for financial services providers.

Earlier this year, the FCA published a Feedback Statement on its Discussion Paper on Duty of Care and announced that it will undertake further work on consumer protection, in particular by looking at its Principles for Businesses.

The Government will continue to engage with the FCA as it progresses this work.

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