Face-to-face Banking Services

Baroness Foster of Aghadrumsee Excerpts

Thursday 18th June 2026 Lords Chamber

[Lord Wilson of Sedgefield (Lab)]

The noble Baroness is absolutely right about the part of the Financial Services and Markets Bill that refers to credit unions. We want to expand the use of credit unions. About 1.5 million people across Great Britain use credit unions or financial co-ops. Our reforms will make it easier for the 220 credit unions in Great Britain to attract more members, allowing millions more people to potentially benefit from the expansion. This supports the Government’s ambition to double the size of the mutual sector, as credit unions are deeply embedded in their communities. I know that the role of credit unions is devolved in Northern Ireland, but I also know that the Treasury has been speaking to the Executive about what we intend to do in the rest of Great Britain. In Northern Ireland, there are over 100 credit unions.

[Baroness Foster of Aghadrumsee (Non-Afl)]

I thank the Minister for indicating that there may be further banking hubs in Northern Ireland. Rurality is a big issue in Northern Ireland. When we tried to attain a banking hub in my local town, the answer that came back was that there were not enough customers, but that is because we live in such a rural area. Has the Minister had any thoughts about rural proofing what comes forward in relation to banking hubs?