Financial Exclusion

Lord Holmes of Richmond Excerpts

Wednesday 4th July 2018 Lords Chamber

[Lord Bates]

I accept what the noble Lord says, but one of the points about the ground-breaking nature of the framework agreement with post offices on banking services is that 99% of personal financial services can now be transacted at the post office. That is helping to keep post offices open as an important part of the community. Some 95% of banking services can be provided by post offices as well. However, although this is a ground-breaking development, we are keeping it under review.

[Lord Holmes of Richmond (Con)]

My Lords, does my noble friend agree that, while in no sense contradicting what the noble Baroness has said, there is a key role for fintech to play in addressing financial inclusion? Will the Government look at all the opportunities arising in fintech and consider promoting them to all vulnerable consumers?

[Lord Bates]

Again, as another member of the ad hoc Financial Exclusion Committee, my noble friend initiated an important debate on the digital economy. We do believe that fintech, in which the UK is a leading force in the world, can be a powerful way of introducing significant change in this area for the benefit of those who need it.