Financial Conduct Authority: Financial Inclusion

Baroness Wheatcroft Excerpts

Tuesday 22nd March 2022 Lords Chamber

[Baroness Penn (Con)]

In addition to the answer which I gave previously, it is also possible for consumers to use Post Office services to carry out many of the functions they need to access banking. That network is distributed around the country.

[Baroness Wheatcroft (CB)]

My Lords, the Centre for Social Justice estimates that 1 million people are currently borrowing from illegal moneylenders. Clearly, they do not feel financially included. What steps will the Government take to stop that, and to ensure that these people known more about credit unions, for instance?

[Baroness Penn (Con)]

The noble Baroness is right to raise the issue. The Government are taking a number of actions in this area. I previously referred to the pilot of a no-interest loan provision which the Government are supporting. They are also putting record financing into consumer debt advice to ensure that if people are in trouble, they get access to the help which they need.