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Saving Gateway Accounts Bill

My hon. Friend makes an important point. We are having discussions with a wide range of financial institutions, and we hope that credit unions, building societies and others will be able to offer these types of saving gateway products. He is right to say that that provision may fit with the other services and products that those organisations, especially the credit unions, already offer. We hope that the additional Government support being made available will enable them to offer these products more widely to people. The provision of these saving gateway products by financial institutions is also a way to help people avoid some of the unregulated products that can cause difficulties. For instance, when Farepak collapsed just over two years ago, there was no protection for people under the financial services compensation scheme. In contrast, people who put money in through the saving gateway will get the additional support that comes with regulation and financial back-up.