Banks: Unbanked and Underbanked

Baroness McIntosh of Hudnall Excerpts

Monday 11th April 2016 Lords Chamber

[Lord Ashton of Hyde]

The right reverend Prelate puts his finger on an important issue. The Government are improving access to credit, most notably by supporting the credit union sector. We have invested £38 million in that sector through the credit union expansion project. We have provided half a million pounds to help Armed Forces personnel access credit union services. We have raised the maximum interest rate that credit unions can charge, so that they can operate more sustainably, and we have provided £650,000 to fund the Archbishop of Canterbury’s Task Group on Affordable Credit and Savings.

[Baroness McIntosh of Hudnall (Lab)]

My Lords, will the Minister include among those who are deemed to be underbanked Members of your Lordships’ House and, no doubt, of the other place, other elected representatives and their families, who are now subject to a great deal of scrutiny and, to some extent, restricted banking services as a result of being designated what I believe is called politically exposed persons?

[Lord Ashton of Hyde]

There are good reasons why politicians come under scrutiny in their financial arrangements, but I do not know of any cases where Members of this House are unable to get a bank account, and they would certainly be eligible for a basic bank account.