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The Latest Breaking News from the Treasury Committee

Firms ‘may need to be forced to accept cash to prevent two-tier society’

The Treasury Committee is urging the Government to improve its monitoring and said the Treasury may eventually need to mandate cash acceptance.

Evening Standard

FCA boss highlights issue of young people turning to crypto for investments

Financial Conduct Authority boss Nikhil Rathi said people risked losing their money.

Evening Standard

Bank of England drops diversity rules for City firms as US rolls back DEI

The Bank’s enforcement arm, the Prudential Regulatory Authority, revealed the decision on Tuesday in the wake of major US firms scrapping diversity goals

The Independent UK

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Santander's IT Nightmare: Outage Leaves Customers Without Funds—Can You Claim Compensation?

Santander users are experiencing major challenges using their debit and credit cards, as well as transfering money. Downdetector reports that this is an ongoing, global issue.

International Business Times UK

Barclays could pay up to £12.5m in compensation to customers hit by tech outages

Customers were affected across pay day this year by tech outages at banks

The Independent UK

Barclays to pay up to £12.5m in compensation to customers hit by outages

There has been more than 33 days’ worth of unplanned tech and system outages in the last two years for nine of the UK’s biggest lenders.

Evening Standard

Martin Lewis tells MPs the big problems behind the Lifetime ISA - and why banks don’t offer it

The MoneySavingExpert.com founder was giving evidence to the Treasury Committee

The Independent UK

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Martin Lewis highlights ‘major holes’ in Lifetime Isas

The MoneySavingExpert.com founder was giving evidence to the Treasury Committee.

Evening Standard

Ombudsman service is handling more than 60,000 motor finance commission cases

The number of cases represents ‘quite a significant block of work’ MPs on the Treasury Committee were told.

Evening Standard

MPs quiz bank bosses over scale of IT failures after Barclays outage

The Treasury Committee, a cross-party group formed of 11 members, wrote to banks including Barclays, HSBC, Lloyds and Nationwide on Monday.

Evening Standard

UK data chief calls for more cash to lift response rates amid faulty jobs survey

Office for National Statistics boss Sir Ian Diamond told MPs that he is ‘super hopeful’ about its work to improve the labour force survey.

Evening Standard

Government has no plans to force businesses to accept cash, MPs hear

Economic secretary to the Treasury Emma Reynolds told the Treasury Committee the Government has no plans to compel big or small firms to accept cash.

Evening Standard

Labour's 'Office for Value for Money' may be waste of money, top committee warns

LABOUR’S flagship plan to drive efficiency in public spending faces questions about its value for money by an influential cross-party group of MPs.

The National (Scotland)

Government value for money office ‘understaffed’ and ‘poorly defined’

A committee report into the unit found it was ‘lightly resourced’ with a ‘very short period of time to drive tangible improvements’.

The Independent UK

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Evening Standard

Treasury Committee probes whether Lifetime Isa is still fit for purpose in 2025

MPs are aiming to gather views from the finance industry, consumers and experts.

Evening Standard

Economic abuse survivors rely on physical cash for safety and survival, MPs hear

The Treasury Committee was hearing from charities and organisations as part of an inquiry into physical cash acceptance.

Evening Standard

Sexual harassment and discrimination claims soar at City firms, finds survey

After a sharp rise in misconduct claims, Treasury Committee chief Dame Meg Hillier said that culture at finance firms may be ‘going backwards’.

Evening Standard

Sexism and the City: MPs to release scathing report on culture of the Square Mile

A powerful Commons committee is poised to reveal the findings of a six-month investigation into sexism in the City which is likely to be scathing about the culture that still exists at major financial institutions.

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The Independent UK

Watch live: Jeremy Hunt grilled by Treasury committee as Britain to suffer highest inflation in G7

Watch live as Jeremy Hunt is questioned by the Treasury Committee on Wednesday, 29 November, after a major international forecast showed that Britain is set to suffer the highest inflation and the second-slowest growth rate in the G7.

The Independent UK

MP accuses UK’s biggest banks of being ‘far too slow’ to reward savers

Harriett Baldwin, who chairs the Treasury Committee, said the ‘big four’ banks have not done enough to pass on higher interest rates to savers.

The Independent UK

Banks under fire as HSBC profits surge while borrowers are squeezed

The chair of the Treasury Committee said the latest figures show major lenders are not sufficiently passing on higher interest rates to savers

The Independent UK

Savings providers must keep customers informed about available rates – watchdog

FCA boss Nikhil Rathi said firms will need a strategy to ensure customers are adequately informed of available rates across their product set.

The Independent UK

Average two-year mortgage rates at 15-year high as lenders are quizzed by MPs

Bank and building society bosses appeared before the Treasury Committee on Tuesday, to explain what they are doing to support struggling customers.

The Guardian - UK

FTSE 100 hits lowest closing level of 2023 as interest rate rise fears grip markets – business live

FTSE 100 index posts biggest one-day fall since March, as strong US jobs report fuels fears of even higher US interest rates

The Independent UK

Banks pressed by MPs to make further rate hikes for savings customers

The Treasury Committee has written to the bosses of major banks to ask if they believe all their savings rates provide ‘fair value’ to customers.

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