Steve Yemm
Main Page: Steve Yemm (Labour - Mansfield)Department Debates - View all Steve Yemm's debates with the HM Treasury
(1 day, 18 hours ago)
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Martin Rhodes
Yes, I agree that we need to look right across the whole range of financial services, including insurance, as well as those that we have touched on. Exclusion from one service can often lead to exclusion from another and then another. Failing to get access to one service means that people are less likely to get access to another, and the problem becomes greater.
Steve Yemm (Mansfield) (Lab)
Does my hon. Friend agree that it is totally unfair that many people, including many constituents of mine, find themselves excluded from some of the best utility deals because they do not have a bank account, so they are unable to pay by direct debit? Effectively, that cuts them off from some of the best deals that are available across a range of products and services.
Martin Rhodes
I agree. Financial exclusion has a cumulative effect: if someone is excluded from one financial service because they do not have access to a bank account, they may well find themselves excluded from others. As my hon. Friend says, they may be unable to pay for utilities or other services by direct debit, which would allow them to get the best deals. That cumulative impact is a very big issue.
The last issue that has been raised with me by TAG members is digital exclusion and branch closures. The transition to online banking is simply not accessible for many TAG members, and the closure of local branches has made it harder to get support in person. With the closure of high street banking, we are seeing the loss of the important face-to-face contact that can support people with learning disabilities with access to financial activities.
I support the Government’s work with industry to roll out at least 350 banking hubs that will provide communities with critical cash and banking services. I would welcome any reflections from the Minister on what the Government are doing to ensure that digitalisation does not leave people behind and to support the role of banking hubs. I acknowledge that for many people digital access increases the ability to get services, but for others it does not. That shows the need for a range of ways to access financial services, so everybody can access them.