Financial Conduct Authority: Financial Inclusion

Lord Tunnicliffe Excerpts

Tuesday 22nd March 2022 Lords Chamber

[Baroness Penn (Con)]

My noble friend makes a very good point. Financial education should not stop at schools, and the workplace offers a great opportunity to continue that education. For example, with the success of auto-enrolment in pensions, we see the importance of an ongoing engagement in our financial lives throughout our careers.

[Lord Tunnicliffe (Lab)]

My Lords, the bank HSBC, the housing and homeless charity Shelter and other charity partners are working collaboratively to ensure that certain people with no fixed address are able to access basic banking services. Do the Government welcome this kind of innovative thinking? More importantly, what efforts are Ministers making to encourage other banks to design and launch similar products for other financially excluded persons?

[Baroness Penn (Con)]

I absolutely welcome that kind of innovative thinking, and the collaboration between the private sector and social enterprises, to support vulnerable consumers. Of course, there are basic bank accounts designed to ensure that everyone can have access to banking services; however, we want to encourage continued innovation and collaboration with the private sector.