Asked by: Christopher Pincher (Independent - Tamworth)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what estimate he has made of the number of bank branch closures in (a) England, (b) the West Midlands and (c) Tamworth in the last five years; and if he will bring forward legislative proposals to ensure people have reasonable access to local banking services.
Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)
The way people bank in the UK continues to develop at pace, with more consumers and businesses than ever enjoying the convenience, security, and speed of digital banking. In 2021, 86% of UK adults used a form of remote banking, such as an app, online or on the phone. Banking customers have never had more choice in how they fit their banking into their everyday lives.
The Government believes that all customers, wherever they live, should have appropriate access to banking services. However, decisions on opening and closing branches are a commercial issue for banks and building societies. The Government does not intervene in these decisions or make direct assessments of these branch networks.
As part of the Financial Services and Markets Bill 2022, the Government has introduced legislation to protect access to cash. The Bill protects access to cash by establishing the Financial Conduct Authority as the lead regulator and providing it with appropriate powers to ensure reasonable provision of withdrawal and deposit facilities. The powers provided to the Financial Conduct Authority relate to cash access only and do not extend to the provision of wider banking services.
Asked by: Christopher Pincher (Independent - Tamworth)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether his Department has had discussions with representatives of Barclays on its decision to close the bank branch in Tamworth.
Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)
Treasury ministers and officials regularly engage with Barclays UK on a variety of key policy issues.
Decisions on opening and closing branches are a commercial decision for banks and building societies. However, the Government firmly believes that the impact of branch closures should be understood, considered, and mitigated where possible so that all customers, wherever they live, continue to have appropriate access to banking services.
The largest banks and building societies have been signed up to the Access to Banking Standard since 2017, which commits them to ensure that customers are well informed about branch closures, the bank’s reasons for closure and options for continued access to banking services.
Guidance from the Financial Conduct Authority also sets out its expectation of firms when they are deciding to close branches or the number of free-to-use ATMs. Firms are expected to carefully consider the impact of planned branch closures on their customers’ everyday banking and cash access needs and consider possible alternative access arrangements. This ensures that the implementation of closure decisions is undertaken in a way that treats customers fairly.
Alternative options for access can be via telephone banking, through digital means such as mobile or online banking, and the Post Office. The Post Office Banking Framework allows 99% of personal banking and 95% of business banking customers to deposit cheques, check their balance and withdraw and deposit cash at 11,500 Post Office branches in the UK.
Asked by: Christopher Pincher (Independent - Tamworth)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether officials in his Department have had discussions with representatives of Barclays Bank on that bank's decision to close its Tamworth branch.
Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)
Treasury ministers and officials regularly engage with Barclays UK on a variety of key policy issues.
Decisions on opening and closing branches are a commercial decision for banks and building societies. However, the Government firmly believes that the impact of branch closures should be understood, considered, and mitigated where possible so that all customers, wherever they live, continue to have appropriate access to banking services.
The largest banks and building societies have been signed up to the Access to Banking Standard since 2017, which commits them to ensure that customers are well informed about branch closures, the bank’s reasons for closure and options for continued access to banking services.
Guidance from the Financial Conduct Authority also sets out its expectation of firms when they are deciding to close branches or the number of free-to-use ATMs. Firms are expected to carefully consider the impact of planned branch closures on their customers’ everyday banking and cash access needs and consider possible alternative access arrangements. This ensures that the implementation of closure decisions is undertaken in a way that treats customers fairly.
Alternative options for access can be via telephone banking, through digital means such as mobile or online banking, and the Post Office. The Post Office Banking Framework allows 99% of personal banking and 95% of business banking customers to deposit cheques, check their balance and withdraw and deposit cash at 11,500 Post Office branches in the UK.
Asked by: Christopher Pincher (Independent - Tamworth)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what steps the Government is taking to support (a) people with savings and (b) home ownership.
Answered by Harriett Baldwin
400,000 people have already opened a Help to Buy: ISA to buy their first home. At Budget 2016 the Chancellor also announced a Lifetime ISA which can be used by people under 40 to save for their first home and retirement.