Face-to-face Banking Services

Baroness Ritchie of Downpatrick Excerpts

Thursday 18th June 2026 Lords Chamber

[Lord Wilson of Sedgefield (Lab)]

We do not want to see retail banking declining further. We need to take into consideration the changing way in which people use their banks. A lot of banking is now online, but a lot of people still need access to a banking hub, a bank on the high street, or a post office. We need to make sure that all the points the noble Lord raises are taken into consideration.

[Baroness Ritchie of Downpatrick (Lab)]

My Lords, as part of the banking review, can my noble friend the Minister outline what help can be given to credit unions? They are a form of banking that provides face-to-face services, particularly to those in disadvantaged communities. I note that there is a section in the Financial Services and Markets Bill that could help their further development.

[Lord Wilson of Sedgefield (Lab)]

The noble Baroness is absolutely right about the part of the Financial Services and Markets Bill that refers to credit unions. We want to expand the use of credit unions. About 1.5 million people across Great Britain use credit unions or financial co-ops. Our reforms will make it easier for the 220 credit unions in Great Britain to attract more members, allowing millions more people to potentially benefit from the expansion. This supports the Government’s ambition to double the size of the mutual sector, as credit unions are deeply embedded in their communities. I know that the role of credit unions is devolved in Northern Ireland, but I also know that the Treasury has been speaking to the Executive about what we intend to do in the rest of Great Britain. In Northern Ireland, there are over 100 credit unions.