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1491199

registered interest
date	20/07/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	NatWest Group: Individual Savings Accounts
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, pursuant to the Answer of 15 July 2022 to Question 34831 on NatWest Group: Child Trust Fund, what recent discussions his Department has had with representatives of the Financial Ombudsman Service on complaints regarding NatWest Junior ISA accounts, in the context of the Government's majority stake in NatWest Group.
tabling member constituency	East Yorkshire
tabling member printed	Sir Greg Knight
uin	40742
answer	answer is ministerial correction date of answer 05/09/2022 answer text <p>Treasury ministers and officials engage with stakeholders on a variety of issues. However, the Financial Ombudsman Service (FOS) is an independent non-governmental body. The independence of the FOS underpins its credibility, authority and value to consumers. Although the Government discusses a range of issues with the FOS it does not therefore seek to intervene in its decision making.</p><p> </p><p>The Government also no longer holds a majority stake in NatWest Group and manages its shareholding at arm’s length on a commercial basis through UK Government Investments Ltd (UKGI). UKGI's role is to manage the investment, not the bank itself. NatWest Group retains its own independent board and management team for strategic and operational decisions.</p> answering member constituency North East Bedfordshire answering member printed Richard Fuller question first answered 05/09/2022 07:17:40 answering member 3912 label Biography information for Richard Fuller
tabling member	1200 label Biography information for Sir Greg Knight

1488514

registered interest
date	12/07/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Natwest Group: Child Trust Fund
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will hold discussions with representatives of NatWest Group on ensuring that people are able to access their recently matured Child Trust Fund accounts; and if he will make a statement.
tabling member constituency	East Yorkshire
tabling member printed	Sir Greg Knight
uin	34829
answer	answer is ministerial correction date of answer 15/07/2022 answer text <p>Treasury ministers and officials engage with stakeholders on a variety of issues. However, how firms service their financial products is a commercial decision for firms in which the Government does not seek to intervene. Nonetheless, the Government is committed to reuniting all young adults with their Child Trust Funds (CTFs) and recognises the importance of ensuring that young adults can benefit from these funds as they reach adulthood.</p><p> </p><p>The Child Trust Fund Regulations do not require firms to provide access to money held in these accounts within a defined period of time upon maturity. However, UK banks’ and building societies’ treatment of their customers is governed by the Financial Conduct Authority (FCA) in its Principles for Businesses. This includes a general requirement for firms to provide a prompt, efficient and fair service to all of their customers.</p><p> </p><p>Any dispute arising between a bank and its customers is usually best resolved by the parties involved. I encourage all those affected to contact their bank’s customer complaints department. The Financial Conduct Authority’s rules require firms to properly investigate all complaints and, through ongoing supervision, it continues to monitor firms complaint handling processes.</p><p> </p><p>If customers remain unhappy with their bank’s response, they will be eligible to apply to have a further review conducted by the Financial Ombudsman Service (FOS) which provides a free, independent dispute resolution service for customers.</p> answering member constituency North East Bedfordshire answering member printed Richard Fuller grouped question UIN 34831 question first answered 15/07/2022 12:11:26 answering member 3912 label Biography information for Richard Fuller
tabling member	1200 label Biography information for Sir Greg Knight

1488516

registered interest
date	12/07/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Natwest Group: Child Trust Fund
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will take steps to ensure NatWest Group's compliance with current legislation in the administration of customers' Child Trust Fund accounts.
tabling member constituency	East Yorkshire
tabling member printed	Sir Greg Knight
uin	34831
answer	answer is ministerial correction date of answer 15/07/2022 answer text <p>Treasury ministers and officials engage with stakeholders on a variety of issues. However, how firms service their financial products is a commercial decision for firms in which the Government does not seek to intervene. Nonetheless, the Government is committed to reuniting all young adults with their Child Trust Funds (CTFs) and recognises the importance of ensuring that young adults can benefit from these funds as they reach adulthood.</p><p> </p><p>The Child Trust Fund Regulations do not require firms to provide access to money held in these accounts within a defined period of time upon maturity. However, UK banks’ and building societies’ treatment of their customers is governed by the Financial Conduct Authority (FCA) in its Principles for Businesses. This includes a general requirement for firms to provide a prompt, efficient and fair service to all of their customers.</p><p> </p><p>Any dispute arising between a bank and its customers is usually best resolved by the parties involved. I encourage all those affected to contact their bank’s customer complaints department. The Financial Conduct Authority’s rules require firms to properly investigate all complaints and, through ongoing supervision, it continues to monitor firms complaint handling processes.</p><p> </p><p>If customers remain unhappy with their bank’s response, they will be eligible to apply to have a further review conducted by the Financial Ombudsman Service (FOS) which provides a free, independent dispute resolution service for customers.</p> answering member constituency North East Bedfordshire answering member printed Richard Fuller grouped question UIN 34829 question first answered 15/07/2022 12:11:26 answering member 3912 label Biography information for Richard Fuller
tabling member	1200 label Biography information for Sir Greg Knight