UK Cash Network

Lord Hunt of Wirral Excerpts

Monday 8th November 2021 Lords Chamber

[Lord Agnew of Oulton (Con)]

My Lords, basic bank accounts are one requirement of the banking system; the nine largest account providers are required to provide this to customers, and there are some 7 million basic accounts open with these providers. They are easier to open than ordinary bank accounts, and that facility remains available.

[Lord Hunt of Wirral (Con)]

I first draw attention to my interests as set out in the register, particularly as an independent director of LINK. Does my noble friend the Minister have an indication of when the fundamental review of financial services regulation will be concluded? Given that the pressure on cash infrastructure is now so acute, what news is there of the work the FCA is overseeing with the banks on developing a much-needed plan to protect cash infrastructure?

[Lord Agnew of Oulton (Con)]

My noble friend asks important questions. On access to cash, as I said in earlier answers, the Government are committed to legislating to protect access to cash and ensuring that the UK’s cash infrastructure is sustainable in the long term. In answer to my noble friend’s second question, the Government are undertaking a wider financial services future regulatory review, which aims to build on the strengths of the UK’s existing framework as set out in the Financial Services and Markets Act 2000. An initial consultation exploring these issues and a proposed approach was published by the Treasury in October last year, and we had 120 responses. We will publish a second consultation with detailed proposals shortly.