Banking Services Access 2023-12-19
2023-12-19
TAGS
Response quality
Questions & Answers
Q1
Partial Answer
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Context
Since 2015, more than 5,000 bank branches have closed and the Lloyds branch in Withington village is set to close by year-end, leaving Withouting without a bank branch.
More than 5,000 bank branches have closed since 2015. The Lloyds bank in Withington village will join these closures, leaving Withington without a bank branch. By the end of the year, only 30 shared banking hubs are expected to be operational. Does the Minister think that pace and scale of roll-out is good enough?
Decisions on branch openings or closures are commercial ones, but we have legislated to protect access for cash. The Financial Conduct Authority's latest guidance was published last week. In relation to shared banking hubs, the pace at which they are rolled out should indeed be increased.
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Assessment & feedback
Response accuracy
Q2
Partial Answer
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Context
There is a problem with businesses being debanked, similar to individual customers facing difficulties accessing banking services.
What will the Government do to stop businesses from being debanked in the same manner as individuals?
I am not sure I accept my hon. Friend's characterisation of the banking industry, but I am happy to meet him and discuss specific business problems regarding access to bank accounts.
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Assessment & feedback
Specific measures to prevent debanking businesses
Characterisation Of The Banking Industry
Response accuracy
Q3
Partial Answer
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Context
Since 2015, nearly 6,000 bank branches have closed and only 30 banking hubs are fully operational. This has led to financial exclusion for many people.
Before I ask my question, I want to convey the apologies of the shadow Chancellor who is delivering a eulogy at Alistair Darling's funeral today. A dedicated public servant respected across both Houses, he responded with integrity to the global financial crisis. Sadly, nearly 6,000 bank branches have closed since 2015 and only 30 banking hubs are up and running. That leaves countless people financially excluded and affects many small businesses. I ask the Minister once again: will he accelerate the roll-out of banking hubs properly?
I agree with hon. Lady's words about Lord Darling and echo them. On bank branches, it is important that Government does not decide when a branch opens or closes but we legislate for access to cash and should speed up the roll-out of banking hubs.
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Assessment & feedback
Specific timeline or actions for acceleration
Response accuracy
Q4
Partial Answer
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Context
The Labour party has pledged to guarantee face-to-face banking in every community, which was welcomed by Cash Access UK.
If the Minister is serious about protecting the future of the great British high street, will he back Labour's pledge to guarantee face-to-face banking in every community and give the FCA the powers it needs to roll out hundreds of banking hubs across the country?
As hon. Lady knows, industry leads the roll-out of banking hubs. We are supporting it to speed up as much as possible. I have not seen the Labour pledge—I suspect that I will not support it—but it is important that the industry hears views and we speed up the roll-out in communities.
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Assessment & feedback
Support for Labour's pledge
Not Seeing The Labour Pledge
Response accuracy