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registered interest false remove filter
date less than 2022-07-12more like thismore than 2022-07-12
answering body
Treasury more like this
answering dept id 14 remove filter
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Natwest Group: Child Trust Fund more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
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. more like this
tabling member constituency East Yorkshire remove filter
tabling member printed
Sir Greg Knight more like this
uin 34831 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2022-07-15more like thismore than 2022-07-15
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 more like this
answering member printed Richard Fuller more like this
grouped question UIN 34829 more like this
question first answered
less than 2022-07-15T12:11:26.427Zmore like thismore than 2022-07-15T12:11:26.427Z
answering member
3912
label Biography information for Richard Fuller more like this
tabling member
1200
label Biography information for Sir Greg Knight more like this