Oral Answers to Questions
Debate between Lucy Rigby and Caroline Voaden(2 days, 2 hours ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Caroline Voaden (South Devon) (LD)
The Economic Secretary to the Treasury (Lucy Rigby)
The Government understand the importance of in-person banking to communities, and we are working closely with industry to roll out 350 banking hubs across the United Kingdom. More than 240 hubs have been announced so far, and more than 180 are already open. I know that that includes two in the hon. Member’s constituency, and I look forward to our upcoming meeting to discuss her constituents’ banking needs.
Caroline Voaden
When Labour was in opposition, its shadow Economic Secretary, the hon. Member for Hampstead and Highgate (Tulip Siddiq), welcomed measures to protect access to cash, but was concerned about the fact that they did
“nothing to protect essential face-to-face banking services.”—[Official Report, 26 June 2023; Vol. 735, c. 71.]
Such services go beyond a banking hub, but they are now vanishing. While the Financial Conduct Authority is responsible for access to cash, it appears that there is no Government body overseeing access to face-to-face banking services. Does the Minister agree that new regulation is needed to support residents and businesses in rural areas, especially as banks will prevent customers from cashing cheques in post offices from January?
Lucy Rigby
We recognise the important role that post offices, in particular, play in providing essential banking services as well as banking hubs. Decisions about which services are available at post offices—such as cheque deposits—are made by banks as part of their commercial arrangements. I should emphasise that customers continue to have other options for paying in cheques, which I know is an issue for the hon. Member; in the case of Lloyds, it can be done via Freepost. As I have said, I look forward to discussing these issues further with the hon. Member during our meeting.