Treasury Committee

24 juin 2026

Sommaire mis à jour le 24 juin 2026

The Chair opens the Treasury Committee session on consumer finance, introduces the witnesses and immediately tests their views on the Chancellor’s ISA reforms before moving to high‑level concerns about the Financial Services and Markets Bill and its balance between growth and consumer protection.

Committee mer. 24 juin 2026 House of Commons

00:02 - 01:57

Intervenant 2

Order, order. Welcome to the Treasury Select Committee on Wednesday the 24th of June 2026. We're here today to talk about consumer finance, an area of interest to the committee and I know to a lot of people out in the country. And I'm delighted to welcome four experts on consumer finance, and I should say that the feedback and input we get from these witnesses helps us question the government on its policies on a number of areas related to consumers. And I'm delighted to welcome with us in the room today James Daley, who's the managing director of Fairer Finance, and Rocio Concha, who's the director of policy and advocacy and the chief economist at Which?, the consumer organisation.

And online we're joined by Janine Rennie, who's the chief executive of Money Advice Scotland, and Anne Pardoe, who's the head of policy at Citizens Advice. So a very warm, if somewhat as it were, welcome to you all today. Before we go into some of the other areas that we'd hoped to discuss, it's quite timely that you're in front of us today because we received a letter from the Chancellor yesterday about the proposed changes to ISAs following on from last autumn's budget when the government announced it was changing the cash ISA allowance from 20,000 to 12,000 and allowing 8,000 pounds, so keeping the 20,000 envelope, but 8,000 of which would have to be, if you reach the top of that envelope, in an investment ISA. And there's been a lot of discussion about how that would work. The Chancellor set out in a letter to us the detail of how that would work.

And I just really wanted to know, you know, if if you what you thought about this issue about cash-like investments in stocks and shares and this proposal to introduce a charge on interest paid in them and whether really what conversations you may have had with the Treasury on this. So can I start with you, Janine Rennie?

01:57 - 02:30

Intervenant 1

Yes, certainly, thank you. So obviously as part of financial inclusion, savings are really important to consumers and having appropriate savings levels there for people. And one of the important things for the people that we support is that they have access to their savings at short notice if need be. So that's why cash ISAs can be really attractive for consumers. Obviously, I can understand the proposal of saying that we want to have stocks and shares ISAs because they're potential, there's more risk but there's potentially more return as well.

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