Financial Conduct Authority: Financial Inclusion

Baroness Altmann Excerpts

Tuesday 22nd March 2022 Lords Chamber

[Baroness Penn (Con)]

I do not recognise the picture which the noble Lord paints. Our banks and financial services provide an essential service to people up and down the country. They were one of our essential partners in distributing the support we provided to businesses through bounce-back loans and other support packages throughout the pandemic. Yes, there have been certain problems in certain areas, which is why the Government are taking action—for example, on anti-money laundering legislation and counterterrorist financing legislation. I am afraid to say that I just do not agree with the noble Lord.

[Baroness Altmann (Con)]

My Lords, given that there is a significant amount of in-work poverty, will the Minister join with me in congratulating those employers who are working to assist their workforce to access low-cost loans and debt repayments via salary deduction? Might the Minister also consider encouraging some of the financial firms to make financial education more widely available in the workplace, given that many have not had the benefit of this education in schools?