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The Latest Breaking News from the Treasury Committee

Government has not heeded warnings over Lifetime Isa, says Treasury Committee

The Government has an opportunity at the Budget to ‘think again on the Lisa,’ according to Treasury Committee chairwoman Dame Meg Hillier.

Evening Standard

Bank of England chief warns attacks on central bank independence are ‘dangerous’

Andrew Bailey said he was ‘very concerned’ by independence issues facing the US’s Federal Reserve.

Evening Standard

Complexity of Lifetime Isas increases risk of poor financial decisions, says Treasury Committee

The Treasury Committee said the design of the Lifetime Isa may be diverting people away from more suitable products.

Evening Standard

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Savers should be warned about potential pitfalls of Lifetime Isas, MPs say

The Treasury Committee said savers should be aware of more suitable products

The Independent UK

HMRC boss ‘regrets’ frustrations over £49m phishing scam disclosure

The revenue body has faced criticism and questions over why MPs were not told earlier about a breach affecting around 100,000 taxpayers.

Evening Standard

HMRC failure to notify MPs sooner about £49m phishing scam ‘unacceptable’

In a letter to HMRC, Treasury Committee chairwoman Dame Meg Hillier said that to discover the information during a session ‘is unacceptable’.

Evening Standard

HMRC phishing scam rises to £49m as MPs criticise ‘unacceptable’ delay

Approximately 100,000 taxpayers were affected by an ‘organised crime’ incident which started last year

The Independent UK

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Regulators tackle influencers promoting ‘rogue’ financial products as legal action begins

Three arrests have already been made in the UK

The Independent UK

FCA bosses highlight risks of bad advice or fraud from some online influencers

People may lose some or all of their money, the Treasury Committee heard.

Evening Standard

Businesses could be forced to accept cash under new rules, MPs warn

The number of people paying in cash has plummeted over the past decade

The Independent UK

Firms ‘may need to be forced to accept cash to prevent two-tier society’

The Treasury Committee is urging the Government to improve its monitoring and said the Treasury may eventually need to mandate cash acceptance.

Evening Standard

FCA boss highlights issue of young people turning to crypto for investments

Financial Conduct Authority boss Nikhil Rathi said people risked losing their money.

Evening Standard

Bank of England drops diversity rules for City firms as US rolls back DEI

The Bank’s enforcement arm, the Prudential Regulatory Authority, revealed the decision on Tuesday in the wake of major US firms scrapping diversity goals

The Independent UK

Santander's IT Nightmare: Outage Leaves Customers Without Funds—Can You Claim Compensation?

Santander users are experiencing major challenges using their debit and credit cards, as well as transfering money. Downdetector reports that this is an ongoing, global issue.

International Business Times UK

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The Independent UK

Barclays could pay up to £12.5m in compensation to customers hit by tech outages

Customers were affected across pay day this year by tech outages at banks

Evening Standard

Barclays to pay up to £12.5m in compensation to customers hit by outages

There has been more than 33 days’ worth of unplanned tech and system outages in the last two years for nine of the UK’s biggest lenders.

Evening Standard

Martin Lewis highlights ‘major holes’ in Lifetime Isas

The MoneySavingExpert.com founder was giving evidence to the Treasury Committee.

The Independent UK

Martin Lewis tells MPs the big problems behind the Lifetime ISA - and why banks don’t offer it

The MoneySavingExpert.com founder was giving evidence to the Treasury Committee

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Evening Standard

Ombudsman service is handling more than 60,000 motor finance commission cases

The number of cases represents ‘quite a significant block of work’ MPs on the Treasury Committee were told.

Evening Standard

MPs quiz bank bosses over scale of IT failures after Barclays outage

The Treasury Committee, a cross-party group formed of 11 members, wrote to banks including Barclays, HSBC, Lloyds and Nationwide on Monday.

Evening Standard

UK data chief calls for more cash to lift response rates amid faulty jobs survey

Office for National Statistics boss Sir Ian Diamond told MPs that he is ‘super hopeful’ about its work to improve the labour force survey.

Evening Standard

Government has no plans to force businesses to accept cash, MPs hear

Economic secretary to the Treasury Emma Reynolds told the Treasury Committee the Government has no plans to compel big or small firms to accept cash.

The National (Scotland)

Labour's 'Office for Value for Money' may be waste of money, top committee warns

LABOUR’S flagship plan to drive efficiency in public spending faces questions about its value for money by an influential cross-party group of MPs.

The Independent UK

Government value for money office ‘understaffed’ and ‘poorly defined’

A committee report into the unit found it was ‘lightly resourced’ with a ‘very short period of time to drive tangible improvements’.

Evening Standard

Treasury Committee probes whether Lifetime Isa is still fit for purpose in 2025

MPs are aiming to gather views from the finance industry, consumers and experts.

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