Financial Services

Baroness Hoey Excerpts

Wednesday 11th January 2023 Lords Chamber

[Baroness Penn (Con)]

The noble Baroness is right to mention the poverty premium. It can take different forms; it may be financial exclusion or being charged more for particular services. The Government progress their work on this area through the Financial Inclusion Policy Forum. For example, we are working with Fair4All Finance, which was set up using funding from dormant assets and seeks to provide more access to fair, affordable and appropriate financial products and services. It has an affordable credit scale-up challenge that seeks to address this area.

[Baroness Hoey (Non-Afl)]

Does the Minister share my concern at the increasing number of shops refusing to take cash? Obviously, they have the right to make that decision, but does she share my concern at the difficulty this poses for many people, particularly the elderly and vulnerable, who do not have bank accounts?

[Baroness Penn (Con)]

We absolutely recognise the importance of cash to the people the noble Baroness mentions. As she says, it is for shops and other service providers to determine how they accept payments, but we are legislating to protect access to cash through the Financial Services and Markets Bill. That should help those shops and service providers which wish to continue to accept cash to do so, because we are focusing on this from both a consumer and a wholesale perspective.