Banking: Savings Accounts

Lord Brooke of Sutton Mandeville Excerpts

Monday 23rd May 2011 Lords Chamber

[Lord Sassoon]

My Lords, this will be the focus of some of our attention when the legislation for the new regulatory structure comes forward. Treating customers fairly in the broadest sense is a critical part of what the FSA has been working on over the past few years. As we look at the remit, particularly for the new Prudential Regulation Authority within the regulatory structure, it is important to make sure that a proper focus is placed on that strand of work going forward. No doubt your Lordships will soon have an opportunity to consider these matters.

[Lord Brooke of Sutton Mandeville]

My Lords, is there a good reason why the NS&I tranche, to which my noble friend referred, cannot be bought through post offices?

[Lord Sassoon]

My Lords, the NS&I is a commercial operation and it has to make sure that it delivers its products in the way that customers want to receive them. It distributes a significant number of products through the post office network, including premium bonds. Some products are just marketed while others are available over the counter. I understand that these days the most popular channel for NS&I’s products is over the internet, but there is a variety of ways of obtaining them. NS&I’s products are designed product by product to suit customer needs.