Mr. Nigel Evans acknowledges concerns from constituents who find themselves in precarious positions due to lack of options and calls for reconsideration of the Lords amendments related to duty of care for financial service providers.

Mr. Jim Shannon reports that many constituents are in precarious positions and lacks options, urging the Minister to reconsider given the challenging situation faced by his constituents.

Mr. Kevin Hollinrake discusses the origins of problems with affordability rules post-financial crisis, suggesting that identical borrowers should be treated equally regardless of whether they are with active or inactive lenders.

Supports amendments related to net zero targets, regulating 'buy now, pay later' firms, and cashback without purchase. Emphasises the need for a duty of care in financial services and supports an amendment aimed at helping mortgage prisoners who are stuck on high standard variable rates.

Opposes the proposed Lords amendment 8 as it is seen as a simplistic and short-term fix for mortgage prisoners without addressing the complexity of individual cases. Proposes long-term solutions that reflect market dynamics and tailored approaches.

Supports Lords amendment 1 on a financial services duty of care, emphasising its importance for those affected by coronavirus and cancer. Argues that only 11% of people with serious health conditions inform their bank about their diagnosis due to fears of negative consequences, indicating a need for the proposed duty of care. Cites Macmillan Cancer Support’s data showing financial hardship faced by many cancer patients. Supports Lords amendment 8 on mortgage prisoners but criticises the government's reluctance to provide immediate solutions.

Rejects Lords amendment 8, arguing that a cap on standard variable rates would be unfair for borrowers with active lenders and pose a risk to financial stability. Supports government measures such as the breathing space scheme and pre-action protocol.

Supports Lords amendment 8 to cap SVRs for mortgage prisoners with inactive lenders, ensuring they can access fixed-rate deals. Cites data showing that since the financial crisis, the gap between Northern Rock SVR and base rate has widened significantly, making it unfair to compare these rates with those at active lenders. Argues that the Government's sale of loans without proper protections leaves mortgage prisoners stuck on high interest rates for over a decade.

The amendment aims to cap standard variable rates (SVRs), addressing market failure caused by inactive lenders. The speaker supports the principle that identical borrowers should be treated equally but highlights how active lenders offer better terms compared to inactive ones, leading to significant disparities in mortgage costs and opportunities for homeowners. He cites an example of a borrower facing high SVRs due to an inactive lender, potentially losing their home while similar borrowers with active lenders would have lower rates and more flexibility. The speaker emphasises the need for fairness and a balanced approach between public finances and consumer detriment.

Stella Creasy supports the amendments regarding 'buy now, pay later' industry regulation and net zero targets in financial services. She highlights the importance of regulating BNPL companies due to their rapid growth during the pandemic, citing statistics such as 1 million Clearpay customers and a $1 billion revenue increase for Klarna. Creasy raises concerns about consumer detriment, mental health impacts, and the need for comprehensive regulation under the Consumer Credit Act 1974. She also emphasises the urgency of addressing climate change through financial services regulation to meet net zero targets.

Suggests the amendment is too wide-ranging, leading to unintended consequences that could harm consumers. Recommends focusing on measures enabling mortgage prisoners to switch lenders rather than implementing an interest rate cap.

Opposes the Government’s motions and supports the amendment for mortgage prisoners. Highlights that up to a quarter of a million homeowners are trapped in spiralling costs due to inactive lenders, leading to significant financial strain and health issues. Argues for lowering interest payments through a cap on the standard variable rate and requiring new fixed interest rate deals.

Highlights the challenges faced by mortgage prisoners due to inactive lenders post-2008 financial crisis. While supporting efforts to help those in arrears, questions the effectiveness of an interest rate cap as it may create further complications for active market borrowers and disrupt the broader financial stability.

Amendment 8 would help free mortgage prisoners who are unable to secure affordable mortgages due to high interest rates and regulatory barriers. Constituents affected by this issue have faced significant financial strain and mental health impacts. The amendment aims to address these concerns through a cap on standard variable rates.

The Government acknowledges the seriousness of mortgage prisoners but argues for a proportionate response based on comprehensive data. The Financial Conduct Authority's dataset, which includes 23,000 cases, is considered more robust than the all-party group's dataset of 449 cases. Glen commits to continued dialogue and examination of market solutions while recognising the complexity of regulatory changes over time.