Financial Services

Baroness McIntosh of Pickering Excerpts

Wednesday 11th January 2023 Lords Chamber

[Baroness Penn (Con)]

My Lords, what I actually said is that the FCA guidance on bank branch closures has recently been strengthened. I do not recognise the picture the noble Lord paints. Firms are expected carefully to consider the impact of planned closure on their customers’ everyday banking and cash access needs and to consider alternative arrangements. The strengthened FCA guidance has specifically looked at enhancing protections for consumers who rely on those branch services. For instance, there are examples of banks placing people in those branches to ensure that they can help their customers to access banking through digital means such as mobile or online banking. There is also the rollout of Post Office banking hubs to provide more in-person services to customers.

[Baroness McIntosh of Pickering (Con)]

What consideration have the Government given to the ability of residents in rural areas to continue to draw cash from ATM machines, and to the security implications of rural businesses not being able to bank their cash at peak times?