On 10th October 2016, Lord Sharkey asked the Government “what assessment they have made of the harm to consumers caused by unsolicited real-time promotion of high-cost credit and of debt management solutions.” The Archbishop of Canterbury, the Most Rev. and Rt. Hon. Justin Welby, asked a follow up question.
The Archbishop of Canterbury: My Lords, I declare an interest as patron of Christians Against Poverty, a voluntary organisation based in Bradford dealing with debt management. Does the Minister agree that debt management is an area where there is very significant participation by the not-for-profit voluntary sector? Will he undertake to draw the attention of the FCA and other authorities to the participation of this sector so that it may be listened to and its role receive the recognition that will help people in these problems?
Lord Young of Cookham: I pay tribute to the initiative taken by the most reverend Primate in his setting up of LifeSavers, a joint project by the Church and credit unions which the Government helped to finance. That is helping children develop good financial habits at a young age by setting up saving clubs in primary schools, in partnership with credit unions. I also welcome the initiative of the Church of England in establishing the Just Finance Foundation to develop and implement the most reverend Primate’s vision of creating a fairer and more just financial system. Of course I will take on board the suggestions he made in his question.