Mr Luke Charters

I thank the hon. Member for Broadland and Fakenham (Jerome Mayhew) for securing the debate. A typical weekend for me starts at the shop, but not a high-street one, although there are plenty of those in York. Instead, it is my toddler’s plastic shop full of fruit, veg and, of course, Yorkshire Tea. When I try to pay with cash, I am told, “No, daddy! Use card.” It is a world away from growing up, even in the 1990s. We face a great paradox in this country. We have a world-leading financial services sector, but, according to a recent UK Finance report, the UK ranks 15th out of 29 countries for financial literacy among adults. It is imperative that we do better here at home. For too long we have struggled to bolster financial education in schools. My wife is a dedicated teacher, whose current battle is teaching children about the value and shape of a 20p coin. On a more serious note, however, I worry about the impact that social media has on children when it comes to financial advice. I call this the “Tiktokification” of financial education. We often see influencers giving out unregulated advice, driving the sale of harmful products plugged as “get quick rich” schemes. As a former regulator at the Financial Conduct Authority, I can say with some degree of certainty that regulators are not up to speed on this. Let me now say something about the insurance sector. At the FCA, we saw that consumers had a poor understanding of matters such as “shrinkflation” when their policies did not keep up to date with their needs. Too rarely did they understand concepts such as auto-renewal. Far too many households, we find in Britain, are either under-covered or over-covered.