Financial Services

Lord Hunt of Kings Heath Excerpts

Wednesday 11th January 2023 Lords Chamber

[Baroness Penn (Con)]

My noble friend is absolutely right that it is really important that innovation aid inclusion, rather than hinder it. I was really pleased to hear about the work the Royal National Institute of Blind People has done with manufacturers to create an accessible solution for card payments, and that these devices are starting to appear in some shops. That is excellent work that we would like to see replicated to ensure that the aims he rightly referred to are met.

[Lord Hunt of Kings Heath (Lab)]

My Lords, the noble Baroness will be aware from our debate yesterday of the real concern about loss of banking facilities for people with disadvantages, and that there is a great risk that many currently free cash machines are going to be converted, so that people will have to pay commission on the cash they take out. Will she look very carefully at last night’s debate and come back with amendments to safeguard financial inclusion?

[Baroness Penn (Con)]

I will absolutely be looking very carefully at all the details of yesterday’s debate. I do not think it necessary to amend the Bill to achieve what the noble Lord talks about. On face-to-face services and bank branch closures, there is already FCA regulation on banks seeking to close branches. That guidance has recently been strengthened and is very clear about the expectations for the provision of alternative services; also, the impact of branch closures on customers must be considered very carefully.