Equality Bill: Beware unintended consequences

By trying to ensure that all consumers can choose from the same range of financial products, the new Equality Bill could end up disadvantaging consumers while it aims to promote fairness for all, the British Bankers' Association said today.

Policy interventions such as the special ISA limit for the over-50s might not be possible if the Equality Bill becomes law. And there are plenty of other examples in financial services, from student accounts to ‘silver saver' accounts where products and services have been developed to meet a particular need, said BBA chief executive Angela Knight.

"Last Wednesday in the Budget the Chancellor announced a special ISA limit would apply to savers over 50. That would appear to be impossible under this legislation.

"There are sometimes good reasons for offering financial products to specific groups. Even the Treasury would seem to agree. And whilst we all agree that the pursuit of greater equality is a good thing, we must be very careful not to help some customers, only to disadvantage others."