Baroness Anderson of Stoke-on-Trent (Lab)

My Lords, I thank the noble Baroness, Lady Finn, for raising those specifics and for the collegiate nature of her contribution, giving me enough time to get the appropriate reassurances from my colleagues. I also thank her because we have not yet really discussed the vulnerability protections that are in place, and this gives us an opportunity to do so. As we progress through Committee, there will be many opportunities to discuss this, but I welcome the opportunity to provide some level of reassurance now. Existing government standards on vulnerability, such as His Majesty’s Government’s debt management vulnerability toolkit, will be utilised by the PSFA. Vulnerability assessments will be carried out at the start of each investigation. These will review any evidence of financial, social or personal vulnerability and then determine how best to engage with the personal impact and subsequent enforcement action. Vulnerability will be kept under regular review as a case progresses and the vulnerability assessment will be regularly updated. During debt resolution, the liable individual will have additional opportunities to identify vulnerabilities. Debt resolution policy will take vulnerable customers into account and there will be a range of adaptations and forbearances on offer to support them. We will publish further guidance on this issue related to vulnerabilities. These amendments resulted from direct engagement with the finance sector. We have been keen to seek its insight on how to use these powers and to table amendments that bring clarity to its roles. However, these amendments also ensure that those who act as a legal deputy on behalf of an account holder must adhere to the terms of any deduction order put in place. They set out clear obligations for them and put protections in place for the liable person whose affairs are being looked after by such a deputy. I hope your Lordships will support these amendments.