On 9 November 2018, the Treasury Committee (the Committee) announced the launch of a new inquiry (the Inquiry) into consumers’ access to financial services. The Committee will scrutinize whether certain groups of consumers are excluded from obtaining a basic level of service from financial services providers. It will also examine whether vulnerable consumers pay more for financial services products.
The terms of reference for the Inquiry note that the Committee is seeking evidence on three core questions:
- how should financial service providers define ‘vulnerability’?
- are certain groups of consumers excluded from obtaining a basic level of service from financial services providers?
- do vulnerable consumers pay more for financial services products?
The deadline for responses to the Inquiry is 14 December 2018.