Written questions by Charters.

Whether her Department has plans to change the access to (a) Junior ISAs and (b) Child Trust Funds for parents of SEND young adults.

Access to Junior ISAs (JISA) and Child Trust Funds (CTF) for parents of young adults with special educational needs and disabilities is already possible in certain circumstances.Where a young adult lacks mental capacity, including due to a disability, the law requires parents or a guardian to have legal authority to make decisions on their behalf about financial assets or property. This includes in relation to accessing funds held in a CTF or a JISAThe Ministry of Justice has published a toolkit on gov.uk explaining the process for parents and guardians of disabled children to obtain legal authority if no other arrangements are in place. The Ministry of Justice has worked with The Investment and Savings Alliance (TISA) to promote the toolkit with parents and carers, and is working with the Department for Work and Pensions on ways to inform parents and carers about the relevant legal processes as their young person approaches the age of 18.The Government continues to keep all aspects of savings policy under review.

What assessment she has made of the potential merits of reforming mortgage regulation.

The Financial Conduct Authority (FCA), who are operationally independent of Government, are responsible for the regulation and conduct of financial services and markets, including the residential mortgage market. In 2014, the FCA put in place new regulation for mortgages in the UK, known as the ‘Mortgage Market Review’. This was based on the principle that mortgages should only be advanced where there is a reasonable expectation that they could be repaid by borrowers. However, this Government welcomes innovation in the mortgage market, particularly where this provides borrowers with the greatest choice possible about the level of interest rate risk that they are willing to take on.

Whether her Department has plans to work with the regulatory technology sector to improve sanctions screening in financial services.

The Office of Financial Sanctions Implementation (OFSI) within HM Treasury is responsible for ensuring financial sanctions are properly understood, implemented and enforced. OFSI regularly engages with the financial services sector including through issui...

How many unfunded policies announced by the previous government her Department identified as part of its recent audit of public spending.

On 29th July, the Chancellor set out the £21.9bn pressure on departmental budgets in the 2024-25 financial year. This announcement was accompanied by the document ‘Fixing the Foundations’, which set out the detail underpinning this number.

What her planned timetable is for establishing the Office of Value for Money.

The Office for Value for Money was established as part of the Chancellor’s speech on the 29th July 2024 setting out our actions to tackle waste and inefficiency from our spending inheritance. As a new venture, the Office is still in the process of finalis...

How the Covid Corruption Commissioner will (a) work and (b) liaise with other Departments across Government.

The Commissioner, once appointed, will work closely with other Departments, such as DHSC, and will draw on additional expertise in the Public Sector Fraud Authority, Government Debt Management Function and Government Commercial Function to undertake their role.

What steps her Department is taking with the Office of Financial Sanctions Implementation to enforce the UK’s sanctions regime.

The Treasury’s Office of Financial Sanctions Implementation (OFSI) is responsible for civil enforcement of the UK’s financial sanctions regimes. OFSI is committed to ensuring that the UK has the strongest possible capability to implement and enforce the UK’s financial sanctions. OFSI has scaled up its enforcement capabilities through legislative changes and expanded its team, allowing it to progress a higher number of complex investigations. For example, in the financial year 2022 – 2023 OFSI increased resource in its enforcement team by 175%. OFSI expects to see the first monetary penalties resulting from breaches related to the 2022 Russia designations in 2024.

What assessment her Department has made on the effectiveness of the system for applying for tax-free childcare.

Tax-Free Childcare (TFC) provides financial support for eligible working parents in paying their childcare costs. For every £8 parents pay into their childcare account, the government adds £2. It takes around 20 minutes for an eligible customer to open an online account. Accounts can be opened at any time of the year and can be used straight away. Money can be deposited at any time and used when needed. Any unused money that is deposited can be simply withdrawn at any time. Approved or registered childcare providers can sign up online to accept TFC. The sign-up process takes around 10 minutes.

If she will make an assessment of the (a) access to and (b) availability of cash for (i) businesses and (ii) consumers in York Outer constituency.

The Government is committed to protecting access to cash for individuals and businesses. The most recent analysis undertaken by the FCA on cash access coverage across the UK found that in Q2 2023, over 99% of people in urban areas are within 1 mile of a cash access point offering withdrawals, and over 98% of people in rural areas are within 3 miles of a cash access point offering withdrawals. Further details of this analysis, including a breakdown of cash access coverage by Local Authority District is available on the FCA website: https://www.fca.org.uk/publications/data/access-cash-coverage-uk-2023-q2 The Financial Conduct Authority is the regulator responsible for access to cash further to the Financial Services and Markets Act 2023, with powers to seek to ensure the reasonable provision of cash withdrawal and deposit facilities for individuals and businesses, including free withdrawal services for individuals. The FCA has recently published its final rules setting out its regulatory approach to protecting access to cash. These can be found on the FCA's website: https://www.fca.org.uk/publication/policy/ps24-8.pdf The Government also recognises the importance of banking to communities and high streets. The Government has therefore committed to work closely with banks to roll out at least 350 banking hubs, which provide individuals and businesses up and down the country with critical cash and banking services.

What steps she plans to take to support the provision of bank hubs in local communities across the UK.

The Government is committed to protecting access to cash for individuals and businesses. The most recent analysis undertaken by the FCA on cash access coverage across the UK found that in Q2 2023, over 99% of people in urban areas are within 1 mile of a cash access point offering withdrawals, and over 98% of people in rural areas are within 3 miles of a cash access point offering withdrawals. Further details of this analysis, including a breakdown of cash access coverage by Local Authority District is available on the FCA website: https://www.fca.org.uk/publications/data/access-cash-coverage-uk-2023-q2 The Financial Conduct Authority is the regulator responsible for access to cash further to the Financial Services and Markets Act 2023, with powers to seek to ensure the reasonable provision of cash withdrawal and deposit facilities for individuals and businesses, including free withdrawal services for individuals. The FCA has recently published its final rules setting out its regulatory approach to protecting access to cash. These can be found on the FCA's website: https://www.fca.org.uk/publication/policy/ps24-8.pdf The Government also recognises the importance of banking to communities and high streets. The Government has therefore committed to work closely with banks to roll out at least 350 banking hubs, which provide individuals and businesses up and down the country with critical cash and banking services.