Financial Inclusion Strategy

We published the financial inclusion strategy last month, outlining ambitious measures that will improve financial inclusion right across the country. I am very grateful to my hon. Friend for her advocacy on this issue through the all-party parliamentary group on debt and financial inclusion. In line with the priorities outlined by the APPG, the strategy champions inclusive design to make products more accessible, increases debt advice capacity and supports financial independence for survivors of economic abuse.

I welcome the Minister’s response. I am a long-standing member of the NHS credit union, which is one of the credit unions affected by the withdrawal of the family protection plan by CMutual on 30 November. Policyholders over the age of 70 who have paid premiums well in excess of what they would have expected to have paid out have been left in the lurch with no alternative provision given. I thank the Minister for what she has done so far in pursuing peace of mind for those who have tried to do the right thing and planned for their funerals, but in the interim, can she bring all the stakeholders to the table to try to reach a solution that benefits those policyholders in particular?

As my hon. Friend knows, I have been very sorry to hear of the difficulties of those affected by the withdrawal of that product. I pay tribute to her for all her efforts and those of her colleagues. They are doing everything possible to assist constituents. My officials are monitoring the matter very closely. We encourage anyone with information relevant to the Financial Conduct Authority’s investigation to go straight to the FCA. However, I would be more than happy to do as she suggests and get the stakeholders together.

Access to banking is surely a key part of financial inclusion. The high street banks save £2 billion a year from having abandoned our high streets and town centres. Our post offices pick up the tab and we are glad that they do, but they are not funded by the banks anywhere near enough to be able to maintain their presence. In Westmorland, we have lost Hawkshead, Staveley and Grasmere post offices, and we are set to lose Shap and Tebay largely because the banks do not fund the post offices for doing their jobs properly. What is the Chancellor going to do to make them do that?