The briefing outlines several reliable sources of free financial help and advice in the UK. These include MoneyHelper (a government-backed service), Citizens Advice, Advice NI (for Northern Ireland), Which?, StepChange, National Debtline, and MoneySavingExpert. These organisations provide assistance on debt, budgeting, financial rights, and resolving disputes.
Complaints and compensation
The document explains how individuals can complain if they have problems with a financial service. The recommended first step is to complain directly to the provider and follow its internal complaints process. If not resolved, complaints can be escalated to the Financial Ombudsman Service (FOS), which acts as an independent body. The briefing also describes the Financial Services Compensation Scheme (FSCS), which protects consumers if financial firms fail, including details about coverage and compensation limits.
Banking services
This section addresses practical issues related to banking, such as branch closures and access to cash. It describes alternative ways to access banking services, including using Post Office services or banking hubs. It also discusses legal requirements for cash access, rules around whether traders must accept cash, and consumers’ rights when banks refuse to open accounts. The briefing explains reasons why banks might freeze or close accounts, particularly due to anti-money laundering obligations, and outlines what consumers can do if their accounts are closed unexpectedly.
Fraud and scams
The document provides guidance on what to do if you suspect you have been a victim of fraud or a scam. It emphasizes the importance of reporting to Action Fraud or Police Scotland, checking your credit report, and contacting your bank. It explains how to seek reimbursement for unauthorized transactions and discusses new rules that require banks to reimburse most victims of authorized push payment (APP) scams. There is also information on Cifas markers, which can affect individuals’ ability to access financial services.
Credit
This section clarifies how credit scores work, what information is held in a credit report, and how to check and correct it. It explains how negative events, such as missed payments or court judgments, impact scores. The briefing also addresses current issues with motor finance complaints, focusing on historic commission arrangements that may entitle consumers to redress. It describes ongoing investigations and what consumers can do in the meantime.
Mortgages
Guidance is provided for people struggling to pay their mortgages, emphasizing early communication with lenders. The document explains the Mortgage Charter, which offers protections and flexible options for borrowers, such as switching to interest-only payments temporarily. It also covers the situation of “mortgage prisoners,” people who are unable to switch to better deals due to changes in lender practices or affordability assessments. Finally, it describes support available for homeowners receiving certain benefits through the Support for Mortgage Interest (SMI) scheme.
Child Trust Funds
The briefing concludes by explaining how to locate and access Child Trust Funds, including for young people who lack mental capacity. It provides practical steps for parents or guardians to follow.
Enclosed is the original copy of the summary for your reference.
This summary is provided for general information and ease of understanding. It represents a simplified interpretation of the official Commons Library briefing and does not constitute professional or legal advice. Readers should seek guidance from qualified financial or legal advisors before making decisions based on this information