A cancer diagnoses can bring a real risk of financial hardship. For instance, there are difference in how mortgage providers help individuals to manage periods of financial difficulty.
Macmillan Cancer Support is calling for a duty of care for financial services providers to be introduced through the Financial Guidance and Claims Bill.
The government has said that the new single financial guidance body that will be established through this Bill should, as part of its money guidance function, provide support for those who fall into financial difficulty as a result of cancer.
An amendment designed to strengthen the body’s objective to ensure its information and advice is available to those most in need, bearing in mind the needs of people in vulnerable circumstances, has also been agreed by the House of Lords and added to the Bill.
The Financial Conduct Authority (FCA) has committed to consider the issue of a duty of care after the UK has left the European Union. The FCA has said it will then have more clarity about the degree of discretion it has to amend its rules on this matter.
The Financial Guidance and Claims Bill will now make its way through the House of Commons and I will follow further developments closely.